Pinnacle Associates Ltd. reduced its stake in PowerShares QQQ Trust, Series 1 (NASDAQ:QQQ) by 4.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,318 shares of the exchange traded fund’s stock after selling 1,212 shares during the period. Pinnacle Associates Ltd.’s holdings in PowerShares QQQ Trust, Series 1 were worth $3,087,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bartlett & Co. LLC raised its position in shares of PowerShares QQQ Trust, Series 1 by 29.1% in the first quarter. Bartlett & Co. LLC now owns 937 shares of the exchange traded fund’s stock valued at $124,000 after buying an additional 211 shares in the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in shares of PowerShares QQQ Trust, Series 1 during the first quarter valued at about $125,000. Hartford Financial Management Inc. purchased a new position in shares of PowerShares QQQ Trust, Series 1 during the first quarter valued at about $139,000. Harvest Fund Management Co. Ltd purchased a new position in shares of PowerShares QQQ Trust, Series 1 during the fourth quarter valued at about $164,000. Finally, Pinnacle Bank purchased a new position in shares of PowerShares QQQ Trust, Series 1 during the first quarter valued at about $194,000. 36.09% of the stock is owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for PowerShares QQQ Trust, Series 1 (NASDAQ:QQQ)

PowerShares QQQ Trust, Series 1 (NASDAQ QQQ) opened at 140.74 on Thursday. The stock has a 50 day moving average price of $139.66 and a 200 day moving average price of $130.39. PowerShares QQQ Trust, Series 1 has a 12 month low of $101.75 and a 12 month high of $143.90.

The business also recently declared a quarterly dividend, which will be paid on Monday, July 31st. Investors of record on Tuesday, June 20th will be given a dividend of $0.3784 per share. This represents a $1.51 annualized dividend and a dividend yield of 1.08%. The ex-dividend date of this dividend is Friday, June 16th. This is an increase from PowerShares QQQ Trust, Series 1’s previous quarterly dividend of $0.27.

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Separately, Vetr raised PowerShares QQQ Trust, Series 1 from a “strong sell” rating to a “hold” rating and set a $139.96 target price for the company in a research 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.

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