Highland Global Allocation Fund (NASDAQ:HGLB) Trading Up 1.1% Following Dividend Announcement

Highland Global Allocation Fund (NASDAQ:HGLB) rose 1.1% during mid-day trading on Tuesday after the company announced a dividend. The company traded as high as $7.64 and last traded at $7.59. Approximately 61,934 shares changed hands during trading, a decline of 21% from the average daily volume of 78,880 shares. The stock had previously closed at $7.51.

The newly announced dividend which will be paid on Wednesday, July 31st. Shareholders of record on Wednesday, July 24th will be given a dividend of $0.081 per share. The ex-dividend date is Wednesday, July 24th. This represents a $0.97 dividend on an annualized basis and a yield of 12.81%.

Highland Global Allocation Fund Price Performance

The firm has a 50 day simple moving average of $7.35 and a two-hundred day simple moving average of $7.64.

Insider Buying and Selling

In other news, Director Ethan Powell acquired 6,750 shares of the company’s stock in a transaction on Friday, June 28th. The shares were bought at an average cost of $7.47 per share, with a total value of $50,422.50. Following the purchase, the director now owns 6,750 shares of the company’s stock, valued at approximately $50,422.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 24.52% of the company’s stock.

Institutional Trading of Highland Global Allocation Fund

Several hedge funds and other institutional investors have recently made changes to their positions in HGLB. Raymond James & Associates lifted its position in Highland Global Allocation Fund by 66.8% in the first quarter. Raymond James & Associates now owns 1,814,006 shares of the company’s stock valued at $13,895,000 after purchasing an additional 726,647 shares during the period. Advisor Resource Council acquired a new stake in shares of Highland Global Allocation Fund in the 4th quarter valued at approximately $1,968,000. Matisse Capital boosted its stake in shares of Highland Global Allocation Fund by 70.0% in the fourth quarter. Matisse Capital now owns 289,000 shares of the company’s stock valued at $2,272,000 after buying an additional 119,000 shares in the last quarter. Principal Securities Inc. acquired a new position in Highland Global Allocation Fund during the fourth quarter worth $269,000. Finally, Eagle Rock Investment Company LLC purchased a new position in Highland Global Allocation Fund in the first quarter worth $230,000. Hedge funds and other institutional investors own 28.79% of the company’s stock.

Highland Global Allocation Fund Company Profile

Highland Global Allocation Fund is a closed-end fund designed to provide low correlation to U.S. equity market.

Thr fund applies global thematic investment style, pursuing investments that management team views as undervalued, built around high-conviction themes.