Special Opportunities Fund (NYSE:SPE) Shares Cross Below 200 Day Moving Average – Here’s What Happened

Shares of Special Opportunities Fund, Inc. (NYSE:SPE) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $14.25 and traded as low as $13.57. Special Opportunities Fund shares last traded at $13.5850, with a volume of 28,851 shares changing hands.

Special Opportunities Fund Price Performance

The stock has a fifty day simple moving average of $13.73 and a 200-day simple moving average of $14.25.

Special Opportunities Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd will be issued a dividend of $0.1087 per share. This represents a c) annualized dividend and a dividend yield of 9.6%. The ex-dividend date of this dividend is Tuesday, September 22nd.

Institutional Trading of Special Opportunities Fund

A number of hedge funds have recently added to or reduced their stakes in SPE. Detalus Advisors LLC acquired a new position in shares of Special Opportunities Fund in the first quarter worth about $144,000. TrueMark Investments LLC boosted its stake in shares of Special Opportunities Fund by 8.7% during the 1st quarter. TrueMark Investments LLC now owns 16,208 shares of the closed-end fund’s stock worth $223,000 after acquiring an additional 1,293 shares in the last quarter. NBC Securities Inc. grew its position in shares of Special Opportunities Fund by 21.8% during the 4th quarter. NBC Securities Inc. now owns 19,770 shares of the closed-end fund’s stock valued at $290,000 after acquiring an additional 3,539 shares during the period. Cetera Investment Advisers grew its position in shares of Special Opportunities Fund by 19.5% during the 2nd quarter. Cetera Investment Advisers now owns 23,341 shares of the closed-end fund’s stock valued at $362,000 after acquiring an additional 3,811 shares during the period. Finally, Raymond James Financial Inc. increased its stake in shares of Special Opportunities Fund by 7.2% in the 2nd quarter. Raymond James Financial Inc. now owns 31,197 shares of the closed-end fund’s stock valued at $483,000 after purchasing an additional 2,082 shares in the last quarter. 35.60% of the stock is owned by hedge funds and other institutional investors.

About Special Opportunities Fund

Special Opportunities Fund (NYSE: SPE) is a closed-end management investment company that seeks to deliver attractive total return by investing across corporate capital structures. The fund primarily allocates capital to debt and equity securities of both public and private issuers, with a focus on special situations, distressed credits and event-driven opportunities.

The fund’s flexible, multi-asset strategy allows portfolio managers to shift allocations among high-yield bonds, leveraged loans, convertible securities, preferred stock and equity positions.