Destra Multi-Alternative Fund (NYSE:DMA) Shares Up 1.5% Following Insider Buying Activity

Shares of Destra Multi-Alternative Fund (NYSE:DMA) were up 1.5% during mid-day trading on Tuesday after an insider bought additional shares in the company. The company traded as high as $8.61 and last traded at $8.61. Approximately 27,428 shares changed hands during trading, an increase of 5% from the average daily volume of 26,109 shares. The stock had previously closed at $8.48.

Specifically, major shareholder Saba Capital Management, L.P. acquired 42,913 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were acquired at an average price of $8.51 per share, for a total transaction of $365,189.63. Following the completion of the acquisition, the insider now directly owns 1,935,159 shares of the company’s stock, valued at $16,468,203.09. This trade represents a 2.27% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Saba Capital Management, L.P. bought 20,034 shares of the company’s stock in a transaction that occurred on Thursday, May 8th. The stock was acquired at an average price of $8.45 per share, with a total value of $169,287.30. Following the completion of the purchase, the insider now directly owns 1,872,597 shares of the company’s stock, valued at approximately $15,823,444.65. The trade was a 1.08% increase in their position. The disclosure for this purchase can be found here.

Destra Multi-Alternative Fund Price Performance

The business has a 50 day simple moving average of $8.25 and a 200-day simple moving average of $8.54.

Destra Multi-Alternative Fund Cuts Dividend

The business also recently announced a — dividend, which will be paid on Friday, May 30th. Investors of record on Monday, May 19th will be given a $0.0725 dividend. The ex-dividend date is Monday, May 19th. This represents a dividend yield of 3.2%.

Hedge Funds Weigh In On Destra Multi-Alternative Fund

Institutional investors and hedge funds have recently bought and sold shares of the stock. Weaver Consulting Group boosted its holdings in Destra Multi-Alternative Fund by 34.3% in the first quarter. Weaver Consulting Group now owns 29,370 shares of the company’s stock valued at $249,000 after acquiring an additional 7,500 shares during the last quarter. Noble Wealth Management PBC purchased a new position in shares of Destra Multi-Alternative Fund in the 1st quarter valued at $568,000. K2 Principal Fund L.P. purchased a new position in shares of Destra Multi-Alternative Fund in the 4th quarter valued at $121,000. Bulldog Investors LLP lifted its holdings in shares of Destra Multi-Alternative Fund by 73.8% during the 4th quarter. Bulldog Investors LLP now owns 392,993 shares of the company’s stock valued at $3,325,000 after acquiring an additional 166,851 shares in the last quarter. Finally, Quarry LP boosted its position in Destra Multi-Alternative Fund by 25.4% during the 4th quarter. Quarry LP now owns 223,888 shares of the company’s stock worth $1,894,000 after purchasing an additional 45,385 shares during the period.

About Destra Multi-Alternative Fund

Multi-Strategy Growth & Income Fund is a closed ended balanced mutual fund launched and managed by Pinhook Capital, LLC. It invests in public equity and fixed income markets of the United States. For its equity portion, the fund primarily invests directly, in other funds, and through derivatives such as options to invest in stocks of companies operating in the real estate sector, including real estate investment trusts.