Benin Management CORP Raises Holdings in Invesco QQQ (NASDAQ:QQQ)

Benin Management CORP lifted its stake in Invesco QQQ (NASDAQ:QQQ) by 1.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,691 shares of the exchange traded fund’s stock after purchasing an additional 420 shares during the quarter. Invesco QQQ comprises approximately 3.7% of Benin Management CORP’s holdings, making the stock its 5th largest position. Benin Management CORP’s holdings in Invesco QQQ were worth $13,027,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. New Covenant Trust Company N.A. purchased a new position in Invesco QQQ in the 1st quarter worth approximately $28,000. Mechanics Financial Corp purchased a new stake in Invesco QQQ during the 2nd quarter valued at $30,000. Chelsea Counsel Co. purchased a new stake in Invesco QQQ during the 1st quarter valued at $40,000. CGC Financial Services LLC raised its stake 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 buying an additional 81 shares during the last quarter. Finally, CarsonAllaria Wealth Management Ltd. raised its stake in Invesco QQQ by 30.4% during 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 owned by institutional investors.

Invesco QQQ Price Performance

QQQ traded down $1.27 during mid-day trading on Monday, reaching $493.20. 8,646,242 shares of the company traded hands, compared to its average volume of 38,864,164. The company’s fifty day moving average price is $477.68 and its 200-day moving average price is $465.15. Invesco QQQ has a 52-week low of $342.35 and a 52-week high of $503.52.

Invesco QQQ Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, September 23rd will be paid a $0.677 dividend. The ex-dividend date is 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.