Gradient Investments LLC has significantly increased its holdings in Invesco QQQ (NASDAQ: QQQ), raising its stake by 39.6% in the third quarter of 2023. According to the firm’s latest 13F filing with the Securities and Exchange Commission (SEC), Gradient Investments now owns 13,107 shares of the exchange-traded fund (ETF) after acquiring an additional 3,716 shares during the quarter. As of the filing, these shares are valued at approximately $7,869,000.
Several other institutional investors have also made notable adjustments to their positions in Invesco QQQ. Wisconsin Wealth Advisors LLC increased its stake by 16.9% during the same period, resulting in ownership of 7,888 shares worth $4,736,000 after purchasing an additional 1,141 shares. City Center Advisors LLC raised its holdings by 5.8%, now owning 2,733 shares valued at $1,641,000. Other investors, including Heartwood Wealth Advisors LLC and Inspirion Wealth Advisors LLC, have also expanded their positions, demonstrating growing interest in this popular ETF.
Hedge funds and institutional investors collectively own 44.58% of Invesco QQQ’s stock, reflecting a robust market presence.
Recent Performance and Dividend Increase
On Thursday, shares of Invesco QQQ opened at $600.41. The ETF’s performance metrics indicate a 50-day moving average of $613.62 and a 200-day moving average of $582.45. Over the past year, Invesco QQQ has experienced a 52-week low of $402.39 and a high of $637.01.
Invesco QQQ also recently announced an increase in its quarterly dividend, which was paid on October 31, 2023. Shareholders of record as of September 22, 2023 received a dividend of $0.694 per share, up from the previous $0.59. This adjustment leads to an annualized dividend of $2.78, resulting in a dividend yield of 0.5%.
The ex-dividend date was noted as September 22, 2023, marking an important date for investors focused on dividend income.
About Invesco QQQ
Invesco QQQ Trust, Series 1, is a unit investment trust that tracks the performance of the Nasdaq-100 Index. Its primary objective is to provide investment results that align closely with the price and yield performance of the index. This trust offers investors the opportunity to acquire units of beneficial interest in the portfolio, which typically mirrors the securities of the Nasdaq-100 Index in similar weightings.
The recent activity surrounding Invesco QQQ signals a strong interest from investment firms, highlighting its significance in the current market landscape. As institutional investment continues to grow, stakeholders will be watching closely for further developments and performance updates.
