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

The Herzfeld Caribbean Basin Fund Inc. (NASDAQ:CUBA) was the target of a significant decrease in short interest in February. As of February 28th, there was short interest totalling 31,800 shares, a decrease 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 presently 0.3 days. Currently, 0.6% of the company’s stock are short sold.

Insiders Place Their Bets

In other news, President Erik Mervin Herzfeld bought 95,999 shares of the company’s stock in a transaction on Friday, March 7th. The shares were acquired at an average cost of $2.60 per share, with a total value of $249,597.40. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Brigitta Suzanne Herzfeld bought 13,759 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was purchased at an average cost 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 of the company’s stock, valued at approximately $246,878.97. The trade was a 15.96 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 138,883 shares of company stock worth $357,597. 28.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On The Herzfeld Caribbean Basin Fund

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

The Herzfeld Caribbean Basin Fund Stock Up 1.1 %

NASDAQ:CUBA opened at $2.65 on Friday. The stock’s 50 day simple moving average is $2.45 and its two-hundred day simple moving average is $2.40. The Herzfeld Caribbean Basin Fund has a 1 year low of $2.15 and a 1 year high of $2.66.

The Herzfeld Caribbean Basin Fund Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, January 13th. Investors 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 yield of 35.09%. This is a boost from The Herzfeld Caribbean Basin Fund’s previous quarterly dividend of $0.14.

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.