Magnolia Capital Management Ltd. Acquires 50 Shares of Invesco QQQ (NASDAQ:QQQ)

Magnolia Capital Management Ltd. grew its position in shares of Invesco QQQ (NASDAQ:QQQ) by 0.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 40,053 shares of the exchange traded fund’s stock after purchasing an additional 50 shares during the period. Invesco QQQ accounts for about 15.5% of Magnolia Capital Management Ltd.’s investment portfolio, making the stock its 2nd largest position. Magnolia Capital Management Ltd.’s holdings in Invesco QQQ were worth $19,549,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. New Covenant Trust Company N.A. acquired a new stake in shares of Invesco QQQ during the 1st quarter worth about $28,000. Mechanics Financial Corp purchased a new position in shares of Invesco QQQ during the 2nd quarter worth about $30,000. Chelsea Counsel Co. purchased a new position in shares of Invesco QQQ during the 1st quarter worth about $40,000. CGC Financial Services LLC lifted its holdings 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 acquiring an additional 81 shares during the period. Finally, CarsonAllaria Wealth Management Ltd. lifted its holdings in shares of Invesco QQQ by 30.4% during the 1st 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 during the period. 44.58% of the stock is owned by institutional investors and hedge funds.

Invesco QQQ Trading Up 0.1 %

Shares of QQQ stock opened at $495.96 on Wednesday. Invesco QQQ has a 1-year low of $342.35 and a 1-year high of $503.52. The firm’s 50-day simple moving average is $479.23 and its 200-day simple moving average is $465.96.

Invesco QQQ Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 23rd will be issued a $0.677 dividend. The ex-dividend date of this dividend is Monday, September 23rd. This represents a $2.71 annualized dividend and a yield of 0.55%.

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.