MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE:MEGI) Stock Price Up 0.9% After Insider Buying Activity

MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE:MEGI) traded up 0.9% on Tuesday after an insider bought additional shares in the company. The company traded as high as $12.88 and last traded at $12.86. 70,365 shares were traded during trading, a decline of 56% from the average session volume of 158,836 shares. The stock had previously closed at $12.75.

Specifically, major shareholder Saba Capital Management, L.P. bought 9,828 shares of the stock in a transaction dated Friday, May 3rd. The stock was purchased at an average cost of $12.53 per share, with a total value of $123,144.84. Following the completion of the purchase, the insider now owns 5,626,714 shares of the company’s stock, valued at $70,502,726.42. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have acquired a total of 103,221 shares of company stock worth $1,249,319 over the last quarter.

MainStay CBRE Global Infrastructure Megatrends Term Fund Stock Up 0.9 %

The business has a fifty day moving average of $12.28 and a 200-day moving average of $12.48.

MainStay CBRE Global Infrastructure Megatrends Term Fund Increases Dividend

The company also recently disclosed a monthly dividend, which was paid on Tuesday, April 30th. Investors of record on Monday, April 22nd were issued a $0.125 dividend. This is an increase from MainStay CBRE Global Infrastructure Megatrends Term Fund’s previous monthly dividend of $0.11. This represents a $1.50 annualized dividend and a dividend yield of 11.66%. The ex-dividend date was Friday, April 19th.

Institutional Investors Weigh In On MainStay CBRE Global Infrastructure Megatrends Term Fund

Several large investors have recently modified their holdings of MEGI. Private Advisor Group LLC bought a new position in MainStay CBRE Global Infrastructure Megatrends Term Fund in the third quarter worth approximately $118,000. Park Avenue Securities LLC purchased a new stake in shares of MainStay CBRE Global Infrastructure Megatrends Term Fund during the 3rd quarter worth $131,000. BancFirst Trust & Investment Management bought a new stake in MainStay CBRE Global Infrastructure Megatrends Term Fund during the fourth quarter valued at about $137,000. Sovereign Financial Group Inc. purchased a new position in MainStay CBRE Global Infrastructure Megatrends Term Fund in the fourth quarter valued at about $137,000. Finally, CTC Alternative Strategies Ltd. bought a new position in MainStay CBRE Global Infrastructure Megatrends Term Fund in the fourth quarter worth about $151,000.

MainStay CBRE Global Infrastructure Megatrends Term Fund Company Profile

The Fund’s investment objective is to seek a high level of total return with an emphasis on current income. There is no assurance that the Fund will achieve its investment objective. Tthe Fund invests at least 80% of its assets (net assets plus borrowings for investment purposes) in securities issued by infrastructure companies.