General American Investors (NYSE:GAM) Sees Large Volume Increase After Dividend Announcement

General American Investors, Inc. (NYSE:GAM) shares saw unusually-high trading volume on Thursday after the company announced a dividend. 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. Shareholders of record on Monday, November 16th will be paid a $7.43 dividend. This represents a yield of 1,149.0%. This is a positive change from General American Investors’s previous annual dividend of $6.40. The ex-dividend date is Monday, November 16th.

General American Investors Stock Performance

The company has a 50 day moving average of $64.92 and a two-hundred day moving average of $63.47.

Insider Transactions at General American Investors

In related news, insider Craig Grassi bought 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 22nd. The shares were purchased at an average cost of $23.08 per share, with a total value of $46,160.00. Following the completion of the acquisition, the insider directly owned 3,100 shares in the company, valued at approximately $71,548. The trade was a 181.82% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Eugene S. Stark bought 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was purchased at an average price of $24.00 per share, with a total value of $120,000.00. Following the completion of the purchase, the vice president owned 17,000 shares in the company, valued at approximately $408,000. This trade represents a 41.67% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 15,000 shares of company stock worth $350,950 over the last three months. 7.93% of the stock is currently owned by insiders.

Institutional Trading of General American Investors

Institutional investors have recently modified their holdings of the stock. Lazard Asset Management LLC raised its stake in 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 during the last quarter. Blue Bell Private Wealth Management LLC raised its holdings in shares of General American Investors by 1.2% in the 3rd 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 lifted its holdings in General American Investors by 9.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 430,935 shares of the investment management company’s stock worth $25,197,000 after buying an additional 37,312 shares in the last quarter. Altium Capital Management LLC raised its position in General American Investors by 133.9% in the 1st quarter. Altium Capital Management LLC now owns 48,755 shares of the investment management company’s stock valued at $2,851,000 after purchasing an additional 27,910 shares in the last quarter. Finally, First Trust Advisors LP lifted 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 acquiring an additional 3,940 shares during the last quarter. Institutional investors and hedge funds own 36.85% of the company’s stock.

About General American Investors