Pin Oak Investment Advisors Inc. Sells 23 Shares of Invesco QQQ (NASDAQ:QQQ)

Pin Oak Investment Advisors Inc. lowered its stake in Invesco QQQ (NASDAQ:QQQ) by 1.7% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,312 shares of the exchange traded fund’s stock after selling 23 shares during the quarter. Pin Oak Investment Advisors Inc.’s holdings in Invesco QQQ were worth $640,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. New Covenant Trust Company N.A. acquired a new stake in Invesco QQQ in the 1st quarter valued at approximately $28,000. Mechanics Financial Corp bought a new stake in Invesco QQQ during the second quarter worth about $30,000. Chelsea Counsel Co. acquired a new position in shares of Invesco QQQ during the 1st quarter worth approximately $40,000. CGC Financial Services LLC raised its stake in shares of Invesco QQQ by 736.4% during the 2nd quarter. CGC Financial Services LLC now owns 92 shares of the exchange traded fund’s stock worth $44,000 after purchasing an additional 81 shares in the last quarter. Finally, PFG Private Wealth Management LLC boosted its holdings in shares of Invesco QQQ by 572.2% in the 2nd quarter. PFG Private Wealth Management LLC now owns 121 shares of the exchange traded fund’s stock valued at $58,000 after buying an additional 103 shares during the last quarter. Institutional investors and hedge funds own 44.58% of the company’s stock.

Invesco QQQ Price Performance

NASDAQ:QQQ opened at $505.30 on Thursday. The firm has a fifty day simple moving average of $495.14 and a 200 day simple moving average of $478.31. Invesco QQQ has a 1-year low of $382.66 and a 1-year high of $515.58.

Invesco QQQ Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 23rd were issued a $0.677 dividend. The ex-dividend date was Monday, September 23rd. This represents a $2.71 dividend on an annualized basis and a dividend yield of 0.54%.

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.