Pettinga Financial Advisors LLC Trims Stock Position in Invesco QQQ (NASDAQ:QQQ)

Pettinga Financial Advisors LLC lessened its position in shares of Invesco QQQ (NASDAQ:QQQ) by 16.0% during the 1st quarter, Holdings Channel reports. The institutional investor owned 12,643 shares of the exchange traded fund’s stock after selling 2,414 shares during the period. Invesco QQQ makes up approximately 1.4% of Pettinga Financial Advisors LLC’s portfolio, making the stock its 25th largest position. Pettinga Financial Advisors LLC’s holdings in Invesco QQQ were worth $5,929,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of QQQ. Bridge Generations Wealth Management LLC purchased a new stake in Invesco QQQ in the 4th quarter valued at $35,000. Marshall & Sterling Wealth Advisors Inc. acquired a new stake in Invesco QQQ in the 4th quarter valued at about $36,000. Alpine Bank Wealth Management acquired a new stake in shares of Invesco QQQ during the 1st quarter worth about $50,000. Westend Capital Management LLC acquired a new stake in shares of Invesco QQQ during the 1st quarter worth about $51,000. Finally, Banque Transatlantique SA acquired a new stake in shares of Invesco QQQ in the fourth quarter worth approximately $57,000. Institutional investors and hedge funds own 44.58% of the company’s stock.

Invesco QQQ Trading Up 0.1%

QQQ opened at $556.72 on Wednesday. Invesco QQQ has a 52-week low of $402.39 and a 52-week high of $560.80. The firm’s 50 day moving average is $529.97 and its 200-day moving average is $506.17.

Invesco QQQ Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Monday, June 23rd will be issued a $0.5911 dividend. The ex-dividend date of this dividend is Monday, June 23rd. This represents a $2.36 annualized dividend and a yield of 0.42%.

Invesco QQQ Company 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.