Saba Capital Management L.P. Boosts Stake in Royce Otc Micro $RMT

Key Points

• Saba Capital Management increased its Royce Micro-Cap Trust (RMT) stake by 13.4% in the first quarter, purchasing 350,491 additional shares. It now owns approximately 5.64% of RMT, valued at $33.5 million.
• RMT raised its quarterly dividend to $0.21 per share from $0.19, representing an annualized payout of $0.84 and a 6.1% yield.
• RMT shares opened at $13.72, down 0.3%, with a 52-week range of $9.13 to $14.78; institutional investors collectively own 34.98% of the trust.

Saba Capital Management L.P. increased its holdings in shares of Royce Otc Micro (NYSE:RMT - Free Report) by 13.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,965,400 shares of the financial services provider's stock after purchasing an additional 350,491 shares during the quarter. Royce Otc Micro accounts for 0.9% of Saba Capital Management L.P.'s portfolio, making the stock its 15th biggest holding. Saba Capital Management L.P. owned about 5.64% of Royce Otc Micro worth $33,539,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. International Assets Investment Management LLC bought a new stake in Royce Otc Micro in the 4th quarter worth about $31,000. Advisory Services Network LLC bought a new position in Royce Otc Micro during the 3rd quarter valued at about $36,000. Kestra Advisory Services LLC bought a new position in Royce Otc Micro during the 4th quarter valued at about $40,000. Heritage Financial Services LLC bought a new position in Royce Otc Micro during the 4th quarter valued at about $105,000. Finally, Closed End Fund Advisors Inc. purchased a new stake in shares of Royce Otc Micro during the 4th quarter valued at about $144,000. 34.98% of the stock is owned by hedge funds and other institutional investors.

Royce Otc Micro Trading Down 0.3%

Shares of RMT stock opened at $13.72 on Tuesday. The company has a 50 day moving average price of $13.98 and a 200-day moving average price of $12.76. Royce Otc Micro has a 52 week low of $9.13 and a 52 week high of $14.78.

Royce Otc Micro Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Thursday, June 11th were issued a $0.21 dividend. This is an increase from Royce Otc Micro's previous quarterly dividend of $0.19. This represents a $0.84 annualized dividend and a yield of 6.1%. The ex-dividend date was Thursday, June 11th.

Insider Transactions at Royce Otc Micro

In related news, insider John E. Denneen bought 4,000 shares of the business's stock in a transaction on Friday, June 5th. The stock was acquired at an average price of $13.70 per share, with a total value of $54,800.00. Following the transaction, the insider owned 12,232 shares in the company, valued at approximately $167,578.40. This trade represents a 48.59% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.19% of the company's stock.

Royce Otc Micro Company Profile

Royce Micro-Cap Trust, Inc NYSE: RMT is a closed-end management investment company primarily focused on micro-capitalization equity securities. The trust seeks long-term capital appreciation by investing in small U.S. companies that, due to their relatively low market values, often receive less attention from larger institutional investors.

Managed by Royce & Associates, LLC, RMT employs a fundamental, value-oriented investment strategy grounded in in-depth, bottom-up research. Portfolio managers analyze financial statements, market trends and company management to identify undervalued firms with the potential for significant growth.

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