Riggs Capital Management LLC Makes New Investment in Invesco QQQ (NASDAQ:QQQ)

Riggs Capital Management LLC purchased a new stake in shares of Invesco QQQ (NASDAQ:QQQ) during the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 5,804 shares of the exchange traded fund’s stock, valued at approximately $2,967,000. Invesco QQQ makes up about 2.9% of Riggs Capital Management LLC’s investment portfolio, making the stock its 9th biggest position.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Proficio Capital Partners LLC increased its stake in Invesco QQQ by 51,292.3% during the 4th quarter. Proficio Capital Partners LLC now owns 11,500,566 shares of the exchange traded fund’s stock valued at $5,879,434,000 after buying an additional 11,478,188 shares during the period. Toronto Dominion Bank boosted its holdings in shares of Invesco QQQ by 13.0% in the third quarter. Toronto Dominion Bank now owns 4,261,790 shares of the exchange traded fund’s stock valued at $2,080,052,000 after acquiring an additional 488,815 shares in the last quarter. Strategic Financial Concepts LLC increased its stake in shares of Invesco QQQ by 47,853.9% during the fourth quarter. Strategic Financial Concepts LLC now owns 4,113,968 shares of the exchange traded fund’s stock valued at $2,103,184,000 after acquiring an additional 4,105,389 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Invesco QQQ by 0.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,116,706 shares of the exchange traded fund’s stock valued at $1,593,354,000 after acquiring an additional 27,115 shares during the period. Finally, Commonwealth Equity Services LLC raised its holdings in Invesco QQQ by 2.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 2,425,300 shares of the exchange traded fund’s stock worth $1,239,886,000 after purchasing an additional 52,235 shares in the last quarter. 44.58% of the stock is currently owned by institutional investors and hedge funds.

Invesco QQQ Stock Performance

Shares of NASDAQ QQQ opened at $468.94 on Monday. Invesco QQQ has a 1 year low of $413.07 and a 1 year high of $540.81. The firm has a market cap of $295.55 billion, a P/E ratio of 30.74 and a beta of 1.11. The stock has a fifty day moving average price of $508.43 and a two-hundred day moving average price of $505.35.

Invesco QQQ Cuts Dividend

The company also recently announced a dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 24th will be paid a dividend of $0.7157 per share. The ex-dividend date is Monday, March 24th.

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.