MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE:MEGI) Declares Dividend Increase – $0.13 Per Share

MainStay CBRE Global Infrastructure Megatrends Term Fund (NYSE:MEGI) announced a monthly dividend on Friday, April 12th, investing.com reports. Shareholders of record on Monday, April 22nd will be given a dividend of 0.125 per share on Tuesday, April 30th. This represents a $1.50 annualized dividend and a yield of 13.23%. The ex-dividend date is Friday, April 19th. This is a positive change from MainStay CBRE Global Infrastructure Megatrends Term Fund’s previous monthly dividend of $0.11.

MainStay CBRE Global Infrastructure Megatrends Term Fund Trading Down 2.9 %

Shares of NYSE MEGI opened at $11.34 on Wednesday. MainStay CBRE Global Infrastructure Megatrends Term Fund has a 12 month low of $10.63 and a 12 month high of $14.89. The stock has a 50 day moving average of $12.39 and a 200-day moving average of $12.38.

Insiders Place Their Bets

In related news, major shareholder Saba Capital Management, L.P. purchased 22,144 shares of the stock in a transaction on Tuesday, March 19th. The shares were purchased at an average cost of $12.30 per share, with a total value of $272,371.20. Following the acquisition, the insider now directly owns 5,507,053 shares in the company, valued at $67,736,751.90. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Penserra Capital Management LLC acquired a new position in MainStay CBRE Global Infrastructure Megatrends Term Fund in the first quarter valued at about $12,184,000. Morgan Stanley boosted its holdings in shares of MainStay CBRE Global Infrastructure Megatrends Term Fund by 25.4% in the 4th quarter. Morgan Stanley now owns 3,026,143 shares of the company’s stock valued at $41,307,000 after purchasing an additional 612,611 shares in the last quarter. Pathstone Holdings LLC bought a new position in shares of MainStay CBRE Global Infrastructure Megatrends Term Fund in the 4th quarter valued at $5,748,000. Logan Stone Capital LLC acquired a new position in shares of MainStay CBRE Global Infrastructure Megatrends Term Fund during the 4th quarter worth $5,783,000. Finally, Bank of America Corp DE lifted its position in shares of MainStay CBRE Global Infrastructure Megatrends Term Fund by 96.3% during the 4th quarter. Bank of America Corp DE now owns 632,370 shares of the company’s stock worth $8,632,000 after buying an additional 310,205 shares during the last quarter.

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.