Metropolitan Life Insurance Co NY Acquires Stake in Invesco QQQ

In the third quarter of this year, Metropolitan Life Insurance Co NY has made a significant move by acquiring a new stake in Invesco QQQ (NASDAQ:QQQ - Free Report). This information comes from their latest disclosure to the Securities & Exchange Commission. The institutional investor bought 14,200 shares of this exchange-traded fund (ETF), which is valued at about $6,931,000. With this acquisition, Invesco QQQ now represents approximately 2.5% of Metropolitan Life Insurance Co NY's total holdings, making it the seventh largest position in their portfolio.

Multiple other institutional investors and hedge funds have also adjusted their positions in Invesco QQQ recently. For instance, New Covenant Trust Company N.A. made a new investment in the first quarter, valued at around $28,000. Similarly, Mechanics Financial Corp acquired a new stake in the second quarter worth $30,000, while Chelsea Counsel Co. purchased shares valued at $40,000 during the first quarter. Additionally, CGC Financial Services LLC increased its holdings by an impressive 736.4% in the second quarter, ultimately owning 92 shares valued at $44,000 after adding 81 shares in the last quarter. PFG Private Wealth Management LLC also raised its position in Invesco QQQ by 572.2%, owning 121 shares now valued at $58,000 following an additional purchase of 103 shares.

Price Trends of Invesco QQQ

The price performance of Invesco QQQ shows that the stock opened at $509.31 on Wednesday. The ETF has a fifty-day simple moving average of $494.46 and a 200-day simple moving average of $478.12. Over the past year, Invesco QQQ has experienced a low of $382.66 and a high of $515.58, showcasing its volatility.

Dividend Announcement from Invesco QQQ

In addition, Invesco QQQ recently declared its quarterly dividend. This dividend was paid on October 31st, with investors who were on record by September 23rd receiving a payment of $0.677. This translates to an annualized dividend of $2.71, yielding roughly 0.53%. The ex-dividend date coincided with September 23rd as well.

Understanding Invesco QQQ

The PowerShares QQQ Trust, Series 1, issues securities known as Nasdaq-100 Index Tracking Stock. The primary objective of this Trust is to deliver investment outcomes that closely match the price and yield performance of the Nasdaq-100 Index. This setup enables investors to acquire units of beneficial interest in the Trust, which represent undivided interests in a portfolio mirroring the securities of the Nasdaq-100 Index.

As investors consider options in their portfolios, they may want to research further into stocks and funds that align with their strategies. Invesco QQQ may be one of many contenders to explore.

Investment, ETF, Stake