Archer Investment Corp Purchases 4,025 Shares of Invesco QQQ (NASDAQ:QQQ)

Archer Investment Corp lifted its position in shares of Invesco QQQ (NASDAQ:QQQ) by 10.2% during the third quarter, Holdings Channel.com reports. The firm owned 43,603 shares of the exchange traded fund’s stock after purchasing an additional 4,025 shares during the period. Invesco QQQ accounts for 5.7% of Archer Investment Corp’s holdings, making the stock its 2nd biggest position. Archer Investment Corp’s holdings in Invesco QQQ were worth $21,281,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of QQQ. New Covenant Trust Company N.A. purchased a new stake in Invesco QQQ in the 1st quarter valued at $28,000. Mechanics Financial Corp purchased a new stake in Invesco QQQ in the 2nd quarter valued at $30,000. Chelsea Counsel Co. bought a new position in Invesco QQQ in the 1st quarter valued at $40,000. CGC Financial Services LLC grew its stake in Invesco QQQ by 736.4% in the 2nd quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock valued at $44,000 after purchasing an additional 81 shares during the period. Finally, PFG Private Wealth Management LLC grew its stake in Invesco QQQ by 572.2% in the 2nd quarter. PFG Private Wealth Management LLC now owns 121 shares of the exchange traded fund’s stock valued at $58,000 after purchasing an additional 103 shares during the period. 44.58% of the stock is owned by institutional investors and hedge funds.

Invesco QQQ Stock Down 1.5 %

NASDAQ:QQQ traded down $7.52 during trading on Friday, reaching $501.17. The company’s stock had a trading volume of 8,122,479 shares, compared to its average volume of 38,048,305. The firm has a 50 day moving average of $488.38 and a 200-day moving average of $473.67. Invesco QQQ has a 12 month low of $382.66 and a 12 month high of $515.58.

Invesco QQQ Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 23rd were paid a dividend of $0.677 per share. The ex-dividend date was Monday, September 23rd. This represents a $2.71 annualized dividend and a dividend yield of 0.54%.

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.