The Herzfeld Caribbean Basin Fund Inc. (NASDAQ:CUBA) Short Interest Update

The Herzfeld Caribbean Basin Fund Inc. (NASDAQ:CUBA) saw a significant drop in short interest in February. As of February 28th, there was short interest totalling 31,800 shares, a drop of 30.0% from the February 13th total of 45,400 shares. Based on an average daily volume of 117,300 shares, the days-to-cover ratio is currently 0.3 days. Currently, 0.6% of the company’s stock are short sold.

Insiders Place Their Bets

In related news, President Erik Mervin Herzfeld bought 95,999 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $2.60 per share, for a total transaction of $249,597.40. Following the transaction, the president now owns 584,930 shares of the company’s stock, valued at approximately $1,520,818. This trade represents a 19.63 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Brigitta Suzanne Herzfeld bought 13,759 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were bought at an average price of $2.47 per share, for a total transaction of $33,984.73. Following the completion of the transaction, the director now directly owns 99,951 shares in the company, valued at approximately $246,878.97. This represents a 15.96 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 138,883 shares of company stock valued at $357,597. 28.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On The Herzfeld Caribbean Basin Fund

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Arete Wealth Advisors LLC acquired a new position in shares of The Herzfeld Caribbean Basin Fund in the 4th quarter valued at approximately $54,000. Avantax Advisory Services Inc. bought a new stake in The Herzfeld Caribbean Basin Fund in the fourth quarter valued at $135,000. Quarry LP increased 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 period. Bulldog Investors LLP increased its holdings in shares of 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 purchasing an additional 255,829 shares during the period. Finally, Absolute Investment Advisers LLC acquired a new position in The Herzfeld Caribbean Basin Fund during the fourth quarter worth about $1,277,000. Hedge funds and other institutional investors own 15.74% of the company’s stock.

The Herzfeld Caribbean Basin Fund Stock Up 1.1 %

NASDAQ CUBA opened at $2.65 on Friday. The Herzfeld Caribbean Basin Fund has a 12 month low of $2.15 and a 12 month high of $2.66. The company has a 50-day moving average of $2.45 and a 200-day moving average of $2.40.

The Herzfeld Caribbean Basin Fund Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, January 13th. Stockholders of record on Tuesday, December 31st were issued a dividend of $0.2325 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.93 dividend on an annualized basis and a dividend yield of 35.09%. This is a boost from The Herzfeld Caribbean Basin Fund’s previous quarterly dividend of $0.14.

The Herzfeld Caribbean Basin Fund Company Profile

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.