Essex Financial Services Inc. Cuts Holdings in Invesco QQQ (NASDAQ:QQQ)

Essex Financial Services Inc. reduced its position in shares of Invesco QQQ (NASDAQ:QQQ) by 0.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 95,260 shares of the exchange traded fund’s stock after selling 787 shares during the period. Invesco QQQ comprises about 2.2% of Essex Financial Services Inc.’s investment portfolio, making the stock its 4th largest holding. Essex Financial Services Inc.’s holdings in Invesco QQQ were worth $47,245,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. New Covenant Trust Company N.A. bought a new position in shares of Invesco QQQ in the 1st quarter valued at about $28,000. Mechanics Financial Corp bought a new position in Invesco QQQ in the second quarter valued at approximately $30,000. Chelsea Counsel Co. acquired a new position in shares of Invesco QQQ during the 1st quarter worth approximately $40,000. CGC Financial Services LLC raised its stake 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 purchasing an additional 81 shares in the last quarter. Finally, CarsonAllaria Wealth Management Ltd. boosted its holdings in shares of Invesco QQQ by 30.4% in the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 103 shares of the exchange traded fund’s stock valued at $46,000 after buying an additional 24 shares during the last quarter. 44.58% of the stock is currently owned by institutional investors.

Invesco QQQ Price Performance

NASDAQ:QQQ opened at $495.32 on Friday. Invesco QQQ has a 1-year low of $342.35 and a 1-year high of $503.52. The firm has a fifty day simple moving average of $480.51 and a 200 day simple moving average of $466.85.

Invesco QQQ Cuts Dividend

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

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.