Anang K. Majmudar, Senior Vice President at General American Investors Co Inc (NYSE: GAM), recently expanded his role in the $1.17 billion market cap company. According to the most recent SEC filing, Majmudar bought 90 shares of the company's 5.95% preferred stock on December 19, at a price of $24.91 each, amounting to $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 preferred stock. In addition, he owns 4,402 shares of common stock directly and 24,931 shares indirectly through the Employees' Thrift Plan Trust, although he does not hold any beneficial interest in the latter. The stock, trading at an attractive P/E of 4.14, has delivered a 29.5% return over the past year. For in-depth insight into insider trading patterns and additional ProTips, consider subscribing InvestingPro.
In other recent news, General American Investors Company, Inc. continues its strategy to increase shareholder value through the renewal of its preferred stock purchase program. The company's board of directors has decided to continue with this program, which operates independently of the regular stock repurchase program. To date, the company has repurchased and issued 398,447 shares of Preferred Stock.
In addition to this, American General Investors announced a combined dividend and distribution of $4.50 per share to common stockholders. This payment includes distributions from long-term net profits and dividends from estimated undistributed investment income in 2024. Dividends and distributions were also declared to holders of 5.95% Cumulative Preferred Stock, Series B.
The Company also authorized the repurchase of an additional 1,000,000 shares of common stock. This initiative is subject to shares trading at a minimum discount of 8% to the value of the underlying asset. These are among the recent developments that may impact investment decisions for American General Investors.
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