General American Investors (NYSE:GAM) Sees Strong Trading Volume After Dividend Announcement

Key Points

• General American Investors announced a $7.43 dividend per share, up from its previous annual dividend of $6.40. The payment is scheduled for December 30 to shareholders of record on November 16.
• Trading volume rose 35% above its daily average to about 35,764 shares after the announcement; GAM traded at roughly $63.96, down from its prior close of $64.69.
• Company insiders bought a combined 15,000 shares worth about $350,950 over the past three months. Institutional investors own 36.85% of the company’s stock.

Shares of General American Investors, Inc. (NYSE:GAM - ) saw strong trading volume on Thursday following a dividend announcement from the company. Approximately 35,764 shares traded hands during mid-day trading, an increase of 35% from the average daily volume of 26,454 shares. The stock last traded at $63.9630 and had previously closed at $64.69.The newly announced dividend which will be paid on Wednesday, December 30th. Stockholders of record on Monday, November 16th will be issued a $7.43 dividend. The ex-dividend date is Monday, November 16th. This is a boost from General American Investors's previous annual dividend of $6.40. This represents a dividend yield of 1,149.0%.

General American Investors Stock Down 1.1%

The stock's fifty day moving average price is $64.92 and its 200 day moving average price is $63.47.

Insiders Place Their Bets

In related news, Treasurer Samantha X. Jin purchased 2,000 shares of the firm's stock in a transaction dated Thursday, September 17th. The stock was purchased at an average price of $23.69 per share, with a total value of $47,380.00. Following the completion of the purchase, the treasurer owned 2,000 shares of the company's stock, valued at approximately $47,380. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Craig Grassi acquired 2,000 shares of the company's stock in a transaction that occurred on Tuesday, September 22nd. The stock was purchased at an average cost of $23.08 per share, for a total transaction of $46,160.00. Following the purchase, the insider owned 3,100 shares of the company's stock, valued at $71,548. This represents a 181.82% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 15,000 shares of company stock worth $350,950 in the last three months. Corporate insiders own 7.93% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GAM. Lazard Asset Management LLC raised its holdings in shares of General American Investors by 13.1% in 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 purchasing an additional 183,051 shares in the last quarter. Blue Bell Private Wealth Management LLC increased its holdings in General American Investors by 1.2% during the third quarter. Blue Bell Private Wealth Management LLC now owns 835,331 shares of the investment management company's stock valued at $52,993,000 after buying an additional 9,845 shares during the period. Allspring Global Investments Holdings LLC increased its holdings 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 valued at $25,197,000 after buying an additional 37,312 shares during the period. Altium Capital Management LLC raised its stake in 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 buying an additional 27,910 shares in the last quarter. Finally, First Trust Advisors LP raised its stake in 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 buying an additional 3,940 shares in the last quarter. 36.85% of the stock is currently owned by hedge funds and other institutional investors.

General American Investors Company Profile

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