MAI Capital Management Has $143.09 Million Stock Position in Invesco QQQ (NASDAQ:QQQ)

MAI Capital Management raised its holdings in shares of Invesco QQQ (NASDAQ:QQQ) by 1.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 293,178 shares of the exchange traded fund’s stock after buying an additional 5,391 shares during the period. Invesco QQQ makes up approximately 1.4% of MAI Capital Management’s portfolio, making the stock its 13th largest position. MAI Capital Management’s holdings in Invesco QQQ were worth $143,091,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in QQQ. New Covenant Trust Company N.A. bought a new stake in Invesco QQQ in the 1st quarter valued at $28,000. Mechanics Financial Corp acquired a new stake in shares of Invesco QQQ during the 2nd quarter worth about $30,000. Chelsea Counsel Co. bought a new stake in shares of Invesco QQQ during the 1st quarter worth about $40,000. CGC Financial Services LLC boosted its holdings in shares of Invesco QQQ by 736.4% during the 2nd quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock worth $44,000 after buying 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 buying an additional 103 shares during the last quarter. 44.58% of the stock is currently owned by institutional investors and hedge funds.

Invesco QQQ Stock Down 2.4 %

Invesco QQQ stock opened at $496.57 on Monday. Invesco QQQ has a 12 month low of $382.66 and a 12 month high of $515.58. The stock’s 50 day moving average is $489.33 and its 200-day moving average is $474.83.

Invesco QQQ Cuts Dividend

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

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.