Almitas Capital LLC Takes $11.29 Million Position in Cornerstone Total Return Fund, Inc. $CRF

Key Points

• Almitas Capital purchased 1.57 million shares of Cornerstone Total Return Fund, valued at approximately $11.29 million. The position represents 1.34% of CRF and 2.7% of Almitas Capital’s portfolio.
• Several other institutional investors also increased their CRF exposure, bringing total hedge fund and institutional ownership to 10.41%.
• CRF shares opened at $6.43, near their 52-week low of $6.42, while the fund declared a monthly dividend of $0.1176 per share, implying a 21.9% annualized yield.

Almitas Capital LLC purchased a new stake in shares of Cornerstone Total Return Fund, Inc. (NYSEAMERICAN:CRF - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,572,309 shares of the investment management company's stock, valued at approximately $11,289,000. Cornerstone Total Return Fund accounts for 2.7% of Almitas Capital LLC's holdings, making the stock its 7th biggest position. Almitas Capital LLC owned approximately 1.34% of Cornerstone Total Return Fund at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CRF. Sculptor Capital LP purchased a new position in Cornerstone Total Return Fund in the 2nd quarter valued at about $19,877,000. Quarry LP raised its stake in Cornerstone Total Return Fund by 380.0% during the fourth quarter. Quarry LP now owns 1,260,432 shares of the investment management company's stock worth $10,096,000 after purchasing an additional 997,836 shares during the period. Cable Car Capital LP acquired a new position in Cornerstone Total Return Fund in the second quarter valued at approximately $4,757,000. Perennial Investment Advisors LLC acquired a new position in shares of Cornerstone Total Return Fund in the 2nd quarter valued at $3,597,000. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Cornerstone Total Return Fund by 13,390.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 312,716 shares of the investment management company's stock valued at $2,505,000 after acquiring an additional 310,398 shares during the period. Hedge funds and other institutional investors own 10.41% of the company's stock.

Cornerstone Total Return Fund Stock Performance

Shares of CRF stock opened at $6.43 on Thursday. Cornerstone Total Return Fund, Inc. has a fifty-two week low of $6.42 and a fifty-two week high of $8.25. The company has a 50 day moving average price of $7.03 and a 200 day moving average price of $7.15.

Cornerstone Total Return Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be paid a dividend of $0.1176 per share. This represents a c) annualized dividend and a yield of 21.9%. The ex-dividend date is Tuesday, December 15th.

About Cornerstone Total Return Fund

Cornerstone Total Return Fund (NYSE American: CRF) is a diversified, closed-end management investment company that seeks to provide shareholders with a combination of current income and capital appreciation. Since its initial public offering in 1989, the fund has offered investors exposure to a broad range of fixed-income and equity-related securities, leveraging a total-return strategy. Its shares trade on the NYSE American exchange, providing daily liquidity in a closed-end format.

The fund's principal investment approach involves allocating assets across convertible securities, high-yield corporate debt, bank loans and common equities.

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