Baird Financial Group Inc. Cuts Stake in Cornerstone Strategic Investment Fund, Inc. $CLM

Key Points

• Baird Financial Group Inc. has reduced its holdings in Cornerstone Strategic Investment Fund by 46.0%, selling 78,827 shares during the first quarter, now owning 92,646 shares valued at approximately $688,000.
• Cornerstone Strategic Investment Fund announced a monthly dividend of $0.1224 per share, with a dividend yield of 17.9%, to be paid on December 31st to stockholders of record on December 15th.
• Multiple institutional investors, such as US Bancorp DE and Stratos Wealth Partners, significantly increased their stakes in Cornerstone, highlighting growing institutional interest in the fund.

Baird Financial Group Inc. lessened its holdings in shares of Cornerstone Strategic Investment Fund, Inc. (NYSEAMERICAN:CLM - Free Report) by 46.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 92,646 shares of the investment management company's stock after selling 78,827 shares during the quarter. Baird Financial Group Inc.'s holdings in Cornerstone Strategic Investment Fund were worth $688,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Stratos Wealth Partners LTD. raised its stake in Cornerstone Strategic Investment Fund by 913.7% during the 1st quarter. Stratos Wealth Partners LTD. now owns 366,334 shares of the investment management company's stock valued at $2,722,000 after purchasing an additional 330,195 shares during the period. Tabor Asset Management LP bought a new stake in Cornerstone Strategic Investment Fund during the first quarter worth approximately $4,924,000. US Bancorp DE boosted its holdings in shares of Cornerstone Strategic Investment Fund by 732,771.4% in the 1st quarter. US Bancorp DE now owns 256,505 shares of the investment management company's stock worth $1,906,000 after purchasing an additional 256,470 shares during the period. Sculptor Capital LP purchased a new position in shares of Cornerstone Strategic Investment Fund in the 4th quarter worth approximately $1,560,000. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Cornerstone Strategic Investment Fund by 89.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 25,239 shares of the investment management company's stock worth $217,000 after purchasing an additional 11,942 shares during the period.

Cornerstone Strategic Investment Fund Price Performance

Shares of Cornerstone Strategic Investment Fund stock traded up $0.10 on Friday, reaching $8.31. The company had a trading volume of 6,620,051 shares, compared to its average volume of 1,184,565. Cornerstone Strategic Investment Fund, Inc. has a 1 year low of $6.16 and a 1 year high of $9.30. The firm's 50-day moving average price is $8.12 and its two-hundred day moving average price is $7.76.

Cornerstone Strategic Investment Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be paid a dividend of $0.1224 per share. This represents a c) dividend on an annualized basis and a dividend yield of 17.7%. The ex-dividend date of this dividend is Monday, December 15th.

Cornerstone Strategic Investment Fund Company Profile

Cornerstone Strategic Value Fund, Inc is a closed-ended equity mutual fund launched and managed by Cornerstone Advisors, LLC. The fund invests in public equity markets across the globe. It seeks to invest in stocks of companies operating across diversified sectors. The fund primarily invests in value and growth stocks of companies.