Stock Repurchase Program Authorized by Highland Funds I – Highland Opportunities and Income Fund (NYSE:HFRO)

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

Highland Funds I – Highland Opportunities and Income Fund Stock Up 4.8%

HFRO stock traded up $0.32 during midday trading on Tuesday, reaching $6.99. The company had a trading volume of 444,087 shares, compared to its average volume of 128,429. Highland Funds I – Highland Opportunities and Income Fund has a 1 year low of $5.03 and a 1 year high of $7.00. The company has a 50 day moving average of $6.15 and a two-hundred day moving average of $6.12.

Highland Funds I – Highland Opportunities and Income Fund Announces Dividend

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

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. purchased 78,346 shares of the business’s stock in a transaction dated Tuesday, June 2nd. The shares were acquired at an average price of $6.71 per share, for a total transaction of $525,701.66. Following the acquisition, the insider owned 5,799,399 shares of the company’s stock, valued at $38,913,967.29. This trade represents a 1.37% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last quarter, insiders have acquired 294,405 shares of company stock worth $1,909,891.

About Highland Funds I – Highland Opportunities and Income Fund

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.