MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE:MEGI) Trading Up 0.9% on Insider Buying Activity

MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE:MEGI)’s share price traded up 0.9% during trading on Tuesday following insider buying activity. The company traded as high as $12.88 and last traded at $12.86. 70,365 shares changed hands 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. purchased 9,828 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was acquired at an average cost of $12.53 per share, for a total transaction of $123,144.84. Following the completion of the transaction, the insider now directly 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 through this hyperlink. Insiders have acquired 103,221 shares of company stock valued at $1,249,319 in the last ninety days.

MainStay CBRE Global Infrastructure Megatrends Term Fund Price Performance

The stock’s fifty day moving average is $12.30 and its 200-day moving average is $12.48.

MainStay CBRE Global Infrastructure Megatrends Term Fund Increases Dividend

The company also recently declared a monthly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Monday, April 22nd were paid a $0.125 dividend. This is a boost from MainStay CBRE Global Infrastructure Megatrends Term Fund’s previous monthly dividend of $0.11. The ex-dividend date was Friday, April 19th. This represents a $1.50 annualized dividend and a dividend yield of 11.57%.

Institutional Trading of MainStay CBRE Global Infrastructure Megatrends Term Fund

Hedge funds and other institutional investors have recently made changes to their positions in the company. Raymond James & Associates grew its position in MainStay CBRE Global Infrastructure Megatrends Term Fund by 86.6% in the fourth quarter. Raymond James & Associates now owns 1,309,826 shares of the company’s stock worth $17,002,000 after acquiring an additional 607,781 shares during the period. Saba Capital Management L.P. lifted its stake in shares of MainStay CBRE Global Infrastructure Megatrends Term Fund by 15.4% in the 3rd quarter. Saba Capital Management L.P. now owns 4,439,403 shares of the company’s stock valued at $52,296,000 after purchasing an additional 591,326 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its holdings in shares of MainStay CBRE Global Infrastructure Megatrends Term Fund by 444.7% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 250,134 shares of the company’s stock worth $3,247,000 after purchasing an additional 204,212 shares during the period. Advisor Partners II LLC acquired a new stake in shares of MainStay CBRE Global Infrastructure Megatrends Term Fund during the 3rd quarter worth about $1,668,000. Finally, Wells Fargo & Company MN raised its holdings in MainStay CBRE Global Infrastructure Megatrends Term Fund by 20.4% in the 4th quarter. Wells Fargo & Company MN now owns 598,280 shares of the company’s stock valued at $7,766,000 after buying an additional 101,191 shares during the period.

About MainStay CBRE Global Infrastructure Megatrends Term Fund

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.