Meridian Financial Advisors LLC has made a significant move by acquiring a new stake in Invesco QQQ (NASDAQ: QQQ). According to their latest filing with the Securities and Exchange Commission, the institutional investor bought 14,962 shares of the ETF, amounting to approximately $8.98 million. This investment now represents 5.1% of Meridian’s overall portfolio, positioning Invesco QQQ as their fourth largest holding.
The interest in Invesco QQQ isn’t limited to Meridian; other institutional investors have been actively buying and selling shares as well. Notably, Kingstone Capital Partners Texas LLC has dramatically increased its stake by an astounding 704,593.7% in the second quarter, owning over 67.6 million shares valued at around $37.3 billion following substantial purchases. Similarly, 1832 Asset Management L.P. doubled its investments, acquiring 2,115 shares worth $1.17 million, while Symphony Financial Ltd. Co. initiated a new position valued at approximately $1.24 billion. Additionally, HRT Financial LP and JPMorgan Chase & Co. have also bolstered their positions significantly in Invesco QQQ.
As it stands, institutional investors and hedge funds control roughly 44.58% of Invesco QQQ’s stock. The company’s stock performance shows it opened at $619.43 with a 50-day moving average of $616.60 and a 200-day moving average of $588.56. Over the past year, shares reached a low of $402.39 and a peak of $637.01, highlighting the volatility and potential of this investment.
In a noteworthy development, Invesco QQQ announced an increase in its quarterly dividend from $0.69 to $0.7941 per share, payable on December 31st to shareholders record on December 22nd. This change translates to an annualized dividend of $3.18, with a yield of 0.5%, showcasing the firm’s commitment to returning value to its shareholders.
Invesco QQQ serves as a unit investment trust that tracks the Nasdaq-100 Index, allowing investors to gain exposure to a diversified portfolio of major industry players. This strategic positioning and the positive financial indicators point toward a potentially bright future for Invesco QQQ amidst a competitive investment landscape.