First Financial Equity Corporation purchased a new position in PowerShares QQQ Trust, Series 1 (NASDAQ:QQQ) during the first quarter, Holdings Channel reports. The firm purchased 29,313 shares of the exchange traded fund’s stock, valued at approximately $3,877,000.
A number of other hedge funds have also made changes to their positions in the company. Raymond James Trust N.A. raised its stake in shares of PowerShares QQQ Trust, Series 1 by 6.8% in the first quarter. Raymond James Trust N.A. now owns 5,912 shares of the exchange traded fund’s stock worth $782,000 after buying an additional 375 shares during the last quarter. Eagle Capital Management LLC increased its position in PowerShares QQQ Trust, Series 1 by 74.9% in the first quarter. Eagle Capital Management LLC now owns 109,134 shares of the exchange traded fund’s stock worth $14,447,000 after buying an additional 46,745 shares during the period. CHURCHILL MANAGEMENT Corp increased its position in PowerShares QQQ Trust, Series 1 by 2.2% in the first quarter. CHURCHILL MANAGEMENT Corp now owns 3,388,278 shares of the exchange traded fund’s stock worth $448,540,000 after buying an additional 73,281 shares during the period. American Investment Services Inc. increased its position in PowerShares QQQ Trust, Series 1 by 0.3% in the first quarter. American Investment Services Inc. now owns 16,882 shares of the exchange traded fund’s stock worth $2,235,000 after buying an additional 48 shares during the period. Finally, Paradigm Financial Advisors LLC increased its position in PowerShares QQQ Trust, Series 1 by 13.5% in the first quarter. Paradigm Financial Advisors LLC now owns 67,436 shares of the exchange traded fund’s stock worth $8,927,000 after buying an additional 8,001 shares during the period. 35.12% of the stock is owned by institutional investors.
PowerShares QQQ Trust, Series 1 (QQQ) opened at 144.11 on Monday. The firm has a 50-day moving average price of $140.41 and a 200-day moving average price of $133.35. PowerShares QQQ Trust, Series 1 has a 12-month low of $112.91 and a 12-month high of $144.44.
The company also recently announced a quarterly dividend, which will be paid on Monday, July 31st. Shareholders of record on Tuesday, June 20th will be issued a $0.3784 dividend. This represents a $1.51 annualized dividend and a dividend yield of 1.05%. This is a boost from PowerShares QQQ Trust, Series 1’s previous quarterly dividend of $0.27. The ex-dividend date of this dividend is Friday, June 16th.
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Separately, Vetr upgraded PowerShares QQQ Trust, Series 1 from a “strong sell” rating to a “hold” rating and set a $139.96 price objective for the company in a report on Tuesday, May 23rd.
PowerShares QQQ Trust, Series 1 Company 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.
Want to see what other hedge funds are holding QQQ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PowerShares QQQ Trust, Series 1 (NASDAQ:QQQ).
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