Invesco QQQ (NASDAQ:QQQ) Trading Up 2% After Dividend Announcement

Shares of Invesco QQQ (NASDAQ:QQQ) were up 2% on Monday after the company announced a dividend. The company traded as high as $490.24 and last traded at $490.36. Approximately 10,066,133 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 34,809,262 shares. The stock had previously closed at $480.84.

The newly announced dividend which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 24th will be given a $0.7157 dividend. The ex-dividend date is Monday, March 24th.

Invesco QQQ Price Performance

The company has a market cap of $311.00 billion, a PE ratio of 30.74 and a beta of 1.11. The company’s 50 day simple moving average is $510.77 and its two-hundred day simple moving average is $504.97.

Hedge Funds Weigh In On Invesco QQQ

A number of hedge funds have recently made changes to their positions in the stock. Proficio Capital Partners LLC boosted its position in shares of Invesco QQQ by 51,292.3% during the fourth quarter. Proficio Capital Partners LLC now owns 11,500,566 shares of the exchange traded fund’s stock worth $5,879,434,000 after buying an additional 11,478,188 shares during the period. Ameriprise Financial Inc. boosted its holdings in Invesco QQQ by 20.2% during the 4th quarter. Ameriprise Financial Inc. now owns 4,500,368 shares of the exchange traded fund’s stock valued at $2,300,993,000 after acquiring an additional 756,990 shares during the period. Toronto Dominion Bank grew its position in Invesco QQQ by 13.0% in the 3rd quarter. Toronto Dominion Bank now owns 4,261,790 shares of the exchange traded fund’s stock valued at $2,080,052,000 after acquiring an additional 488,815 shares in the last quarter. Strategic Financial Concepts LLC increased its stake in Invesco QQQ by 47,853.9% during the fourth quarter. Strategic Financial Concepts LLC now owns 4,113,968 shares of the exchange traded fund’s stock worth $2,103,184,000 after purchasing an additional 4,105,389 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in shares of Invesco QQQ by 0.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,116,706 shares of the exchange traded fund’s stock worth $1,593,354,000 after purchasing an additional 27,115 shares in the last quarter. Hedge funds and other institutional investors own 44.58% of the company’s stock.

About Invesco QQQ

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.