Convergence Financial LLC Makes New $380,000 Investment in Invesco QQQ (NASDAQ:QQQ)

Convergence Financial LLC purchased a new position in shares of Invesco QQQ (NASDAQ:QQQ) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 778 shares of the exchange traded fund’s stock, valued at approximately $380,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Trust Co. of Virginia VA purchased a new stake in shares of Invesco QQQ during the 1st quarter worth approximately $306,000. Grimes & Company Inc. lifted its position in shares of Invesco QQQ by 4.1% during the 1st quarter. Grimes & Company Inc. now owns 5,206 shares of the exchange traded fund’s stock worth $2,311,000 after buying an additional 203 shares during the last quarter. Home Federal Bank of Tennessee lifted its position in shares of Invesco QQQ by 10.8% during the 1st quarter. Home Federal Bank of Tennessee now owns 4,563 shares of the exchange traded fund’s stock worth $2,026,000 after buying an additional 443 shares during the last quarter. CRA Financial Services LLC lifted its position in shares of Invesco QQQ by 4.4% during the 1st quarter. CRA Financial Services LLC now owns 36,604 shares of the exchange traded fund’s stock worth $16,252,000 after buying an additional 1,551 shares during the last quarter. Finally, Winthrop Advisory Group LLC lifted its position in shares of Invesco QQQ by 5.1% during the 1st quarter. Winthrop Advisory Group LLC now owns 106,758 shares of the exchange traded fund’s stock worth $47,463,000 after buying an additional 5,217 shares during the last quarter. Institutional investors and hedge funds own 44.58% of the company’s stock.

Invesco QQQ Stock Performance

Shares of NASDAQ:QQQ opened at $495.32 on Friday. The firm has a 50 day simple moving average of $480.10 and a 200-day simple moving average of $466.30. Invesco QQQ has a twelve month low of $342.35 and a twelve month high of $503.52.

Invesco QQQ Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 23rd will be given a $0.677 dividend. The ex-dividend date is Monday, September 23rd. This represents a $2.71 annualized dividend and a yield of 0.55%.

Invesco QQQ Profile

PowerShares QQQ Trust, Series 1 is a unit investment trust that issues securities called Nasdaq-100 Index Tracking Stock. The Trust’s investment objective is to provide investment results that generally correspond to the price and yield performance of the Nasdaq-100 Index. The Trust provides investors with the opportunity to purchase units of beneficial interest in the Trust representing proportionate undivided interests in the portfolio of securities held by the Trust, which consists of substantially all of the securities, in substantially the same weighting, as the component securities of the Nasdaq-100 Index.