Bank of America Corp DE Makes New $111.83 Million Investment in Royce Small-Cap Trust, Inc. $RVT

Key Points

• Bank of America acquired 6.05 million shares of Royce Small-Cap Trust in the second quarter, valued at approximately $111.8 million and representing a 5.06% stake.
• RVT shares opened at $17.32, down 0.7%, trading below their 50-day moving average; the stock’s 52-week range is $14.97 to $19.12.
• Royce Small-Cap Trust increased its quarterly dividend to $0.33 per share, or $1.32 annually, implying a 7.6% yield.

Bank of America Corp DE purchased a new position in Royce Small-Cap Trust, Inc. (NYSE:RVT - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 6,054,512 shares of the financial services provider's stock, valued at approximately $111,827,000. Bank of America Corp DE owned 5.06% of Royce Small-Cap Trust at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the stock. Western Wealth Management LLC purchased a new position in Royce Small-Cap Trust during the 1st quarter valued at about $28,000. Fairway Wealth LLC purchased a new position in Royce Small-Cap Trust during the first quarter valued at approximately $33,000. Private Wealth Asset Management LLC purchased a new position in Royce Small-Cap Trust during the fourth quarter valued at approximately $52,000. Assetmark Inc. increased its holdings in Royce Small-Cap Trust by 176.4% during the 1st quarter. Assetmark Inc. now owns 3,701 shares of the financial services provider's stock worth $61,000 after acquiring an additional 2,362 shares during the period. Finally, EverSource Wealth Advisors LLC increased its holdings in Royce Small-Cap Trust by 28.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 4,500 shares of the financial services provider's stock worth $72,000 after acquiring an additional 1,000 shares during the period. 25.57% of the stock is currently owned by hedge funds and other institutional investors.

Royce Small-Cap Trust Trading Down 0.7%

NYSE RVT opened at $17.32 on Friday. The company's 50 day simple moving average is $18.30 and its two-hundred day simple moving average is $17.98. Royce Small-Cap Trust, Inc. has a 1 year low of $14.97 and a 1 year high of $19.12.

Royce Small-Cap Trust Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Friday, September 11th will be given a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a dividend yield of 7.6%. This is a boost from Royce Small-Cap Trust's previous quarterly dividend of $0.31. The ex-dividend date is Friday, September 11th.

About Royce Small-Cap Trust

Royce Small-Cap Trust NYSE: RVT is a diversified, closed-end investment fund focused on long-term capital growth through investments in small-cap companies. The fund primarily invests in equity securities of U.S. small-cap businesses across a range of industries and sectors.

RVT is managed by Royce Investment Partners, an investment management firm specializing in small-cap and mid-cap equities. The portfolio generally emphasizes companies that the manager believes have attractive business characteristics, growth potential, financial strength, or favorable valuations.

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