Highland Funds I – Highland Opportunities and Income Fund (NYSE:HFRO) to Buyback $100.00 million in Stock

Highland Funds I – Highland Opportunities and Income Fund (NYSE:HFRO) announced that its board has initiated a stock repurchase program on Tuesday, June 9th, RTT News reports. The company plans to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Highland Funds I – Highland Opportunities and Income Fund Stock Performance

NYSE HFRO traded up $0.32 during midday trading on Tuesday, hitting $6.99. The company had a trading volume of 444,087 shares, compared to its average volume of 128,429. The firm has a fifty day simple moving average of $6.15 and a two-hundred day simple moving average of $6.12. Highland Funds I – Highland Opportunities and Income Fund has a fifty-two week low of $5.03 and a fifty-two week high of $7.00.

Highland Funds I – Highland Opportunities and Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 23rd will be given a dividend of $0.0385 per share. This represents a c) annualized dividend and a dividend yield of 6.6%. The ex-dividend date is Tuesday, June 23rd.

Insider Buying and Selling at Highland Funds I – Highland Opportunities and Income Fund

In other Highland Funds I – Highland Opportunities and Income Fund news, major shareholder Saba Capital Management, L.P. bought 6,759 shares of the firm’s stock in a transaction dated Friday, June 5th. The shares were acquired at an average cost of $6.69 per share, for a total transaction of $45,217.71. Following the transaction, the insider owned 5,852,615 shares in the company, valued at approximately $39,153,994.35. The trade was a 0.12% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last quarter, insiders have bought 294,405 shares of company stock worth $1,909,891.

Highland Funds I – Highland Opportunities and Income Fund Company Profile

Highland Funds I – Highland Opportunities and Income Fund (NYSE: HFRO) is a diversified, closed-end management investment company designed to seek total return with an emphasis on current income. The fund pursues its objective by investing primarily in a broad range of credit instruments, including senior secured loans, high-yield corporate bonds, distressed debt and other special situation opportunities. In addition to its credit allocations, HFRO may also invest in equity securities, convertible instruments and derivative instruments to hedge risk or enhance yield.

Since commencing operations in 2006, Highland Opportunities and Income Fund has employed an opportunistic, value-oriented strategy to capitalize on market dislocations and mispriced assets.