Anang K. Majmudar, Senior Vice-President at General American Investors Co Inc (NYSE:GAM), recently increased his stake in the $1.17 billion market cap company. According to a recent SEC filing, Majmudar purchased 90 shares of the company's 5.95% preferred stock on December 19, at a price of $24.91 each, totaling approximately $2,241. InvestingPro data shows GAM has maintained dividend payments for 53 consecutive years, with a current yield of 8.93%. Following this transaction, Majmudar directly owns 4,890 shares of the preferred stock. Additionally, he holds 4,402 shares of common stock directly and 24,931 shares indirectly through the issuer's Employees' Thrift Plan Trust, although he disclaims any beneficial interest in the latter. The stock, trading at an attractive P/E ratio of 4.14, has delivered a 29.5% return over the past year. For deeper insights into insider trading patterns and additional ProTips, consider subscribing to InvestingPro.
In other recent news, General American Investors Company, Inc. continues its strategy to optimize shareholder value with the renewal of its preferred stock buyback program. The company's board of directors has decided to continue this program, which operates independently from the common stock repurchase program. To date, the company has repurchased and retired a total of 398,447 shares of Preferred Stock.
In addition to this, General American Investors has declared a combined dividend and distribution totaling $4.50 per share for its common stockholders. This payment includes a distribution from net long-term capital gains and a dividend from estimated undistributed net investment income for 2024. A dividend and distribution have also been declared for the holders of the 5.95% Cumulative Preferred Stock, Series B.
The company has also authorized the repurchase of an additional 1,000,000 shares of common stock. This move is contingent upon the shares trading at a minimum 8% discount from their underlying net asset value. These are among the recent developments that could influence investment decisions regarding General American Investors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.