M&T Bank Corp Reduces Stake in Invesco QQQ

M&T Bank Corp has decreased its investment in Invesco QQQ (NASDAQ:QQQ) by 3.9% during the third quarter, as revealed in a recent filing with the Securities and Exchange Commission (SEC). After selling 5,224 shares, the bank now holds a total of 127,160 shares of the exchange-traded fund, which were valued at approximately $62,063,000 at the time of the latest SEC report.

In addition to M&T Bank Corp, several other hedge funds have also made adjustments to their holdings in Invesco QQQ. Lantz Financial LLC acquired a new stake during the second quarter, investing about $214,000. Atlantic Union Bankshares Corp increased its position in the same period by 4.9%, currently owning 1,913 shares worth around $917,000 after purchasing 90 additional shares. Other firms, including First Merchants Corp and Spirit of America Management Corp NY, bought new positions valued at approximately $360,000 and $158,000 respectively in the second quarter. Additionally, SNS Financial Group LLC raised its stake by 2.3%, totaling 5,309 shares worth $2,548,000 after acquiring another 118 shares last quarter. Overall, institutional investors and hedge funds collectively own about 44.58% of the company's stock.

Recent Performance of Invesco QQQ

Invesco QQQ saw its stock rise by 0.9% recently, opening at $518.66. It is noteworthy that the fund's 50-day moving average price is $507.24 while its 200-day moving average is $486.23. Invesco QQQ has experienced a 12-month low of $395.34 and a high of $539.15.

Overview of Invesco QQQ

PowerShares QQQ Trust, Series 1, is essentially a unit investment trust that provides Nasdaq-100 Index Tracking Stock. Its main investment goal is to deliver results that closely align with the performance of the Nasdaq-100 Index regarding price and yield. This trust allows investors to buy units of beneficial interest that represent undivided interests in the portfolio of securities held by the trust, reflecting the same weighting as those in the Nasdaq-100 Index.

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Summary

In summary, M&T Bank Corp's reduction of its stake in Invesco QQQ signifies ongoing investment strategy adjustments within the fund industry, influencing the overall landscape of ETF investments.

M&T, Invesco, QQQ