Invesco QQQ (NASDAQ:QQQ) Shares Down 1.9% – Here’s Why

Shares of Invesco QQQ (NASDAQ:QQQ) traded down 1.9% on Thursday . The company traded as low as $486.46 and last traded at $487.01. 10,059,420 shares traded hands during trading, a decline of 74% from the average session volume of 38,512,809 shares. The stock had previously closed at $496.38.

Invesco QQQ Trading Up 0.7 %

The stock has a 50 day moving average price of $481.80 and a two-hundred day moving average price of $468.54.

Invesco QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 23rd were given a $0.677 dividend. The ex-dividend date was Monday, September 23rd. This represents a $2.71 dividend on an annualized basis and a yield of 0.56%.

Institutional Investors Weigh In On Invesco QQQ

Large investors have recently bought and sold shares of the company. New Covenant Trust Company N.A. acquired a new position in Invesco QQQ in the first quarter valued at approximately $28,000. Mechanics Financial Corp acquired a new position in Invesco QQQ in the second quarter valued at approximately $30,000. Chelsea Counsel Co. acquired a new position in Invesco QQQ in the first quarter valued at approximately $40,000. CGC Financial Services LLC lifted its holdings in Invesco QQQ by 736.4% in the second 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. Finally, CarsonAllaria Wealth Management Ltd. lifted its holdings in Invesco QQQ by 30.4% in the first quarter. CarsonAllaria Wealth Management Ltd. now owns 103 shares of the exchange traded fund’s stock valued at $46,000 after acquiring an additional 24 shares during the period. Hedge funds and other institutional investors own 44.58% of the company’s stock.

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.