Chapin Davis Inc. Reduces Position in Invesco QQQ (NASDAQ:QQQ)

Chapin Davis Inc. cut its holdings in shares of Invesco QQQ (NASDAQ:QQQ) by 36.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 2,903 shares of the exchange traded fund’s stock after selling 1,696 shares during the quarter. Chapin Davis Inc.’s holdings in Invesco QQQ were worth $1,417,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Prospect Financial Services LLC raised its stake in shares of Invesco QQQ by 0.3% during the second quarter. Prospect Financial Services LLC now owns 6,385 shares of the exchange traded fund’s stock worth $3,059,000 after acquiring an additional 21 shares in the last quarter. Sweeney & Michel LLC raised its stake in shares of Invesco QQQ by 4.0% during the second quarter. Sweeney & Michel LLC now owns 575 shares of the exchange traded fund’s stock worth $286,000 after acquiring an additional 22 shares in the last quarter. Family Firm Inc. raised its stake in shares of Invesco QQQ by 3.1% during the second quarter. Family Firm Inc. now owns 738 shares of the exchange traded fund’s stock worth $354,000 after acquiring an additional 22 shares in the last quarter. Merriman Wealth Management LLC raised its stake in shares of Invesco QQQ by 0.5% during the second quarter. Merriman Wealth Management LLC now owns 5,044 shares of the exchange traded fund’s stock worth $2,420,000 after acquiring an additional 23 shares in the last quarter. Finally, CarsonAllaria Wealth Management Ltd. raised its stake in shares of Invesco QQQ by 30.4% during the first quarter. CarsonAllaria Wealth Management Ltd. now owns 103 shares of the exchange traded fund’s stock worth $46,000 after acquiring an additional 24 shares in the last quarter. 44.58% of the stock is currently owned by institutional investors.

Invesco QQQ Price Performance

QQQ stock opened at $482.10 on Tuesday. Invesco QQQ has a one year low of $342.35 and a one year high of $503.52. The company’s 50 day moving average price is $469.56 and its two-hundred day moving average price is $461.81.

Invesco QQQ Cuts Dividend

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

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.