Bank of America Corp DE Acquires New Stake in General American Investors, Inc. $GAM

Key Points

• Bank of America acquired a new 30,556-share stake in General American Investors during the second quarter, valued at approximately $1.95 million and representing 0.13% of the company.
• Several institutional investors increased their holdings, including Lazard Asset Management, Allspring Global Investments, Altium Capital Management and First Trust Advisors. Hedge funds and other institutions collectively own 36.85% of GAM.
• Company insiders have also been buying shares: insiders purchased 15,000 shares worth $350,950 over the past 90 days, while corporate insiders own 7.93% of the stock. GAM shares opened at $63.28, within a 12-month range of $56.24 to $68.57.

Bank of America Corp DE acquired a new stake in shares of General American Investors, Inc. (NYSE:GAM - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 30,556 shares of the investment management company's stock, valued at approximately $1,948,000. Bank of America Corp DE owned 0.13% of General American Investors at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of GAM. Lazard Asset Management LLC lifted its position in shares of General American Investors by 13.1% during the 1st quarter. Lazard Asset Management LLC now owns 1,580,674 shares of the investment management company's stock valued at $92,422,000 after buying an additional 183,051 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in General American Investors by 9.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 430,935 shares of the investment management company's stock worth $25,197,000 after purchasing an additional 37,312 shares during the period. Altium Capital Management LLC increased its stake in shares of General American Investors by 133.9% in the first quarter. Altium Capital Management LLC now owns 48,755 shares of the investment management company's stock worth $2,851,000 after purchasing an additional 27,910 shares in the last quarter. First Trust Advisors LP increased its stake in shares of General American Investors by 10.1% in the first quarter. First Trust Advisors LP now owns 42,898 shares of the investment management company's stock worth $2,508,000 after purchasing an additional 3,940 shares in the last quarter. Finally, Evolve Private Wealth LLC purchased a new position in shares of General American Investors in the second quarter worth about $2,435,000. 36.85% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Treasurer Samantha Jin purchased 2,000 shares of the business's stock in a transaction dated Thursday, September 17th. The stock was purchased at an average cost of $23.69 per share, with a total value of $47,380.00. Following the completion of the acquisition, the treasurer directly owned 2,000 shares of the company's stock, valued at approximately $47,380. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Eugene Stark purchased 5,000 shares of the business's stock in a transaction dated Wednesday, September 23rd. The stock was bought at an average cost of $22.75 per share, with a total value of $113,750.00. Following the completion of the acquisition, the vice president directly owned 39,000 shares of the company's stock, valued at approximately $887,250. This trade represents a 14.71% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 15,000 shares of company stock worth $350,950 over the last 90 days. Corporate insiders own 7.93% of the company's stock.

General American Investors Stock Performance

Shares of GAM stock opened at $63.28 on Thursday. The firm's 50 day moving average is $65.97 and its 200 day moving average is $63.99. General American Investors, Inc. has a 12 month low of $56.24 and a 12 month high of $68.57.

General American Investors Company Profile

General American Investors Company, Inc is a publicly traded closed-end investment company that seeks long-term capital appreciation through investments in a diversified portfolio of securities. The company's shares trade on the New York Stock Exchange under the symbol GAM.

Founded in 1927, General American Investors is one of the oldest closed-end investment companies in the United States. Its portfolio has historically included common stocks, convertible securities and other investments, with an emphasis on identifying companies that may offer attractive long-term growth potential.

The company invests primarily in publicly traded businesses across a range of industries and may hold investments in both U.S.

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