The Herzfeld Caribbean Basin Fund Inc. (NASDAQ:CUBA) President Erik Mervin Herzfeld Purchases 95,999 Shares

The Herzfeld Caribbean Basin Fund Inc. (NASDAQ:CUBA) President Erik Mervin Herzfeld bought 95,999 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $2.60 per share, for a total transaction of $249,597.40. Following the acquisition, the president now directly owns 584,930 shares in the company, valued at $1,520,818. This trade represents a 19.63 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link.

The Herzfeld Caribbean Basin Fund Price Performance

NASDAQ:CUBA traded up $0.04 during trading hours on Tuesday, hitting $2.62. 286,061 shares of the company’s stock traded hands, compared to its average volume of 146,482. The business’s fifty day simple moving average is $2.43 and its two-hundred day simple moving average is $2.40. The Herzfeld Caribbean Basin Fund Inc. has a 52 week low of $2.15 and a 52 week high of $2.95.

The Herzfeld Caribbean Basin Fund Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, January 13th. Shareholders of record on Tuesday, December 31st were given a dividend of $0.2325 per share. The ex-dividend date was Tuesday, December 31st. This is a positive change from The Herzfeld Caribbean Basin Fund’s previous quarterly dividend of $0.14. This represents a $0.93 annualized dividend and a yield of 35.50%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CUBA. Arete Wealth Advisors LLC purchased a new stake in The Herzfeld Caribbean Basin Fund during the fourth quarter valued at about $54,000. Avantax Advisory Services Inc. bought a new position in shares of The Herzfeld Caribbean Basin Fund in the 4th quarter worth about $135,000. Quarry LP lifted its holdings in shares of The Herzfeld Caribbean Basin Fund by 21.0% during the third quarter. Quarry LP now owns 126,287 shares of the investment management company’s stock valued at $285,000 after purchasing an additional 21,943 shares during the last quarter. Bulldog Investors LLP raised its stake in The Herzfeld Caribbean Basin Fund by 1,199.9% during the fourth quarter. Bulldog Investors LLP now owns 277,149 shares of the investment management company’s stock valued at $649,000 after buying an additional 255,829 shares during the last quarter. Finally, Absolute Investment Advisers LLC bought a new position in The Herzfeld Caribbean Basin Fund in the 4th quarter worth about $1,277,000. 15.74% of the stock is currently owned by hedge funds and other institutional investors.

About The Herzfeld Caribbean Basin Fund

The Herzfeld Caribbean Basin Fund Inc is a closed-ended equity mutual fund launched by Thomas J. Herzfeld Advisors, Inc The fund is managed by Herzfeld/Cuba. It invests in the public equity markets of the United States. The fund employing fundamental analysis investing in stocks of companies that are likely to benefit from economic, political, structural and technological developments in the countries in the Caribbean Basin, which consist of Cuba, Jamaica, Trinidad and Tobago, the Bahamas, the Dominican Republic, Barbados, Aruba, Haiti, the Netherlands Antilles, the Commonwealth of Puerto Rico, Mexico, Honduras, Guatemala, Belize, Costa Rica, Panama, Colombia and Venezuela.