Cornerstone Total Return Fund, Inc. $CRF Shares Sold by Baird Financial Group Inc.

Key Points

• Baird Financial Group Inc. reduced its stake in Cornerstone Total Return Fund by 40.2%, selling 63,119 shares and holding 93,782 shares worth approximately $673,000 as of the end of the first quarter.
• The Cornerstone Total Return Fund will pay a $0.1168 monthly dividend to stockholders of record on December 15th, with an annualized yield of 17.7%.
• Director Matthew Morris sold 35,000 shares of the stock at an average price of $7.90, representing a 75.32% decrease in his holdings post-transaction.

Baird Financial Group Inc. lessened its position in shares of Cornerstone Total Return Fund, Inc. (NYSEAMERICAN:CRF - Free Report) by 40.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 93,782 shares of the investment management company's stock after selling 63,119 shares during the quarter. Baird Financial Group Inc.'s holdings in Cornerstone Total Return Fund were worth $673,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Bank of America Corp DE increased its stake in Cornerstone Total Return Fund by 539.5% during the 4th quarter. Bank of America Corp DE now owns 304,728 shares of the investment management company's stock valued at $2,648,000 after purchasing an additional 257,077 shares in the last quarter. Ameriflex Group Inc. acquired a new position in shares of Cornerstone Total Return Fund in the 4th quarter valued at $459,000. Valmark Advisers Inc. acquired a new position in shares of Cornerstone Total Return Fund in the 1st quarter valued at $86,000. Oppenheimer & Co. Inc. raised its stake in Cornerstone Total Return Fund by 9.9% in the 1st quarter. Oppenheimer & Co. Inc. now owns 22,185 shares of the investment management company's stock worth $159,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Mallini Complete Financial Planning LLC lifted its position in Cornerstone Total Return Fund by 43.1% during the 1st quarter. Mallini Complete Financial Planning LLC now owns 56,604 shares of the investment management company's stock worth $406,000 after acquiring an additional 17,055 shares during the period. 10.41% of the stock is currently owned by institutional investors and hedge funds.

Cornerstone Total Return Fund Stock Up 0.5%

Cornerstone Total Return Fund stock traded up $0.04 during trading hours on Friday, hitting $8.00. 4,003,624 shares of the stock traded hands, compared to its average volume of 727,743. The firm's 50 day moving average price is $7.84 and its 200-day moving average price is $7.51. Cornerstone Total Return Fund, Inc. has a 1 year low of $5.81 and a 1 year high of $9.75.

Cornerstone Total Return Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a $0.1168 dividend. The ex-dividend date is Monday, December 15th. This represents a c) dividend on an annualized basis and a dividend yield of 17.5%.

Insider Activity

In other news, Director Matthew Morris sold 35,000 shares of the company's stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $7.90, for a total value of $276,500.00. Following the sale, the director owned 11,468 shares in the company, valued at $90,597.20. This represents a 75.32% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders sold 53,273 shares of company stock valued at $420,309. Insiders own 12.22% of the company's stock.

About Cornerstone Total Return Fund

Cornerstone Total Return Fund, Inc is a closed-ended equity mutual fund launched and managed by Cornerstone Advisors, LLC. It invests in the public equity markets of the United States. The fund seeks to invest in stocks of companies operating across diversified sectors. It primarily invests in value and growth stocks of companies across all market capitalizations.