Highland Global Allocation Fund (NASDAQ:HGLB) Shares Down 2.2% – Here’s Why

Highland Global Allocation Fund (NASDAQ:HGLB) shares fell 2.2% during trading on Friday. The company traded as low as $6.30 and last traded at $6.3450. 51,892 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 84,051 shares. The stock had previously closed at $6.49.

Highland Global Allocation Fund Stock Down 2.2%

The business has a fifty day simple moving average of $7.03 and a 200-day simple moving average of $7.54.

Highland Global Allocation Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Thursday, December 24th will be paid a $0.0850 dividend. The ex-dividend date is Thursday, December 24th. This represents a $1.02 annualized dividend and a dividend yield of 16.1%.

Hedge Funds Weigh In On Highland Global Allocation Fund

Institutional investors and hedge funds have recently modified their holdings of the company. Kingswood Wealth Advisors LLC purchased a new stake in shares of Highland Global Allocation Fund in the 3rd quarter worth $72,000. Total Wealth Planning & Management Inc. purchased a new position in Highland Global Allocation Fund during the third quarter valued at $340,000. Concorde Asset Management LLC bought a new stake in Highland Global Allocation Fund during the second quarter valued at about $90,000. Integrated Wealth Concepts LLC bought a new stake in Highland Global Allocation Fund during the second quarter valued at about $94,000. Finally, Advisory Solutions Group LLC bought a new stake in Highland Global Allocation Fund during the second quarter valued at about $852,000. 28.79% of the stock is currently owned by hedge funds and other institutional investors.

Highland Global Allocation Fund Company Profile

Highland Global Allocation Fund (NASDAQ: HGLB) is a closed-end investment fund that seeks to provide investors with total return through a globally diversified portfolio of securities. The fund allocates assets among investments in the United States and international markets, including both developed and emerging economies.

Its portfolio may include common stocks, preferred stocks, corporate and government debt securities, high-yield bonds, and other income-producing investments. The fund may also use derivatives and other investment strategies to manage exposure to markets, currencies, interest rates, and credit risk.

Highland Global Allocation Fund is advised by an affiliate of Highland Capital Management, an investment management firm known for managing alternative and income-oriented strategies.