Zhang Financial LLC Grows Position in Invesco QQQ (NASDAQ:QQQ)

Zhang Financial LLC lifted its holdings in shares of Invesco QQQ (NASDAQ:QQQ) by 6.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,404 shares of the exchange traded fund’s stock after purchasing an additional 341 shares during the quarter. Zhang Financial LLC’s holdings in Invesco QQQ were worth $2,637,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of QQQ. New Covenant Trust Company N.A. purchased a new position in Invesco QQQ during the 1st quarter valued at about $28,000. Deane Retirement Strategies Inc. purchased a new position in Invesco QQQ during the 1st quarter valued at about $29,000. Mechanics Financial Corp purchased a new position in Invesco QQQ during the 2nd quarter valued at about $30,000. Chelsea Counsel Co. purchased a new position in Invesco QQQ during the 1st quarter valued at about $40,000. Finally, CGC Financial Services LLC boosted its holdings in Invesco QQQ by 736.4% during the 2nd quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock valued at $44,000 after acquiring an additional 81 shares during the period. 44.58% of the stock is currently owned by hedge funds and other institutional investors.

Invesco QQQ Stock Performance

Invesco QQQ stock traded down $5.80 during midday trading on Tuesday, reaching $491.70. 21,916,985 shares of the stock traded hands, compared to its average volume of 39,153,387. The company has a 50-day simple moving average of $473.79 and a two-hundred day simple moving average of $463.77. Invesco QQQ has a 12-month low of $342.35 and a 12-month high of $503.52.

Invesco QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 23rd will be issued a dividend of $0.677 per share. This represents a $2.71 dividend on an annualized basis and a yield of 0.55%. The ex-dividend date of this dividend is Monday, September 23rd.

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.