Highland Global Allocation Fund (NASDAQ:HGLB) Trading 1.1% Higher on Insider Buying Activity

Highland Global Allocation Fund (NASDAQ:HGLB)’s share price was up 1.1% during mid-day trading on Tuesday after an insider bought additional shares in the company. The stock 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.

Specifically, Director Ethan Powell acquired 6,750 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were bought at an average price of $7.47 per share, with a total value of $50,422.50. Following the completion of the acquisition, the director now owns 6,750 shares in the company, 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. 24.52% of the stock is currently owned by insiders.

Highland Global Allocation Fund Trading Up 1.1 %

The company’s fifty day moving average price is $7.34 and its 200-day moving average price is $7.64.

Highland Global Allocation Fund Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Friday, May 31st. Stockholders of record on Friday, May 24th were given a dividend of $0.081 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $0.97 dividend on an annualized basis and a dividend yield of 12.81%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in HGLB. Raymond James & Associates grew its position in Highland Global Allocation Fund by 66.8% in the 1st quarter. Raymond James & Associates now owns 1,814,006 shares of the company’s stock valued at $13,895,000 after acquiring an additional 726,647 shares in the last quarter. Shaker Financial Services LLC grew its position in shares of Highland Global Allocation Fund by 5.5% during the fourth quarter. Shaker Financial Services LLC now owns 424,917 shares of the company’s stock worth $3,340,000 after buying an additional 22,072 shares in the last quarter. Matisse Capital grew its position in shares of Highland Global Allocation Fund by 17.6% during the first quarter. Matisse Capital now owns 340,000 shares of the company’s stock worth $2,604,000 after buying an additional 51,000 shares in the last quarter. Advisor Resource Council acquired a new position in shares of Highland Global Allocation Fund during the fourth quarter worth about $1,968,000. Finally, Quantedge Capital Pte Ltd grew its position in shares of Highland Global Allocation Fund by 14.7% during the fourth quarter. Quantedge Capital Pte Ltd now owns 191,283 shares of the company’s stock worth $1,503,000 after buying an additional 24,500 shares in the last quarter. 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.