Chemung Canal Trust Co. Trims Stock Position in Invesco QQQ (NASDAQ:QQQ)

Chemung Canal Trust Co. decreased its holdings in Invesco QQQ (NASDAQ:QQQ) by 0.6% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 16,332 shares of the exchange traded fund’s stock after selling 95 shares during the quarter. Invesco QQQ accounts for 1.4% of Chemung Canal Trust Co.’s portfolio, making the stock its 24th largest position. Chemung Canal Trust Co.’s holdings in Invesco QQQ were worth $7,252,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of QQQ. Baker Ellis Asset Management LLC increased its holdings in Invesco QQQ by 1.6% in the 1st quarter. Baker Ellis Asset Management LLC now owns 6,425 shares of the exchange traded fund’s stock worth $2,853,000 after acquiring an additional 100 shares in the last quarter. Investment Research & Advisory Group Inc. boosted its holdings in Invesco QQQ by 6.6% in the 1st quarter. Investment Research & Advisory Group Inc. now owns 1,178 shares of the exchange traded fund’s stock worth $523,000 after buying an additional 73 shares during the period. Grimes & Company Inc. increased its stake in Invesco QQQ by 4.1% in the 1st quarter. Grimes & Company Inc. now owns 5,206 shares of the exchange traded fund’s stock worth $2,311,000 after buying an additional 203 shares in the last quarter. Trust Co. of Virginia VA bought a new stake in Invesco QQQ during the first quarter valued at about $306,000. Finally, Trifecta Capital Advisors LLC boosted its stake in shares of Invesco QQQ by 1.7% in the first quarter. Trifecta Capital Advisors LLC now owns 79,011 shares of the exchange traded fund’s stock worth $35,082,000 after acquiring an additional 1,324 shares during the period. Institutional investors own 44.58% of the company’s stock.

Invesco QQQ Price Performance

Shares of QQQ opened at $479.11 on Friday. The business’s 50 day moving average is $454.85 and its 200 day moving average is $436.54. Invesco QQQ has a 12-month low of $342.35 and a 12-month high of $487.20.

Invesco QQQ Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Monday, June 24th will be issued a $0.7615 dividend. This represents a $3.05 annualized dividend and a dividend yield of 0.64%. The ex-dividend date is Monday, June 24th. This is an increase from Invesco QQQ’s previous quarterly dividend of $0.57.

Invesco QQQ 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.