In a recent move by Midas Securities Group, Inc., a significant purchase of shares in Bexil Investment Trust (NYSE:BXSY) was made, with the transaction totaling over $218,000. The investment firm acquired 16,500 shares at a price of $13.23 per share, according to a regulatory filing.
The transaction, which took place on May 21, was disclosed in a Form 4 filing with the Securities and Exchange Commission. Midas Securities, known for its affiliation with the registered investment adviser of the issuer, has increased its stake in the company to 29,481 shares following the purchase.
Investors often monitor such filings to gauge the confidence level of insiders and affiliates within the company. The actions of Midas Securities could be interpreted as a sign of strong belief in the future performance of Bexil Investment Trust.
The filing was signed by Russell Kamerman on behalf of Midas Securities Group, Inc., and was submitted on May 22. The document also notes that the reporting person is an affiliate of the registered investment adviser of the issuer, providing additional context to the transaction.
Bexil Investment Trust, which trades under the symbol BXSY, has not commented on the transaction. Investors and market watchers will be keeping a close eye on the company's performance and any further insider transactions that may provide insight into the company's prospects.
InvestingPro Insights
In light of Midas Securities Group's recent investment in Bexil Investment Trust (NYSE:BXSY), a closer look at the company's financial health and market performance using InvestingPro data could offer investors additional context. Bexil has reported a revenue of $5.59 million in the last twelve months as of Q4 2023, which reflects a notable decrease of 15.59% in revenue growth during the same period. Despite this contraction, the company has maintained an impressive gross profit margin of 100%, with a gross profit equal to its revenue, indicating strong control over its cost of goods sold.
Moreover, Bexil's operating income, adjusted for the same period, stands at $2.53 million, with both basic and diluted earnings per share (EPS) for continuing operations at $3.35. On the shareholder returns front, Bexil has a generous dividend yield of 7.51%, with the last dividend having an ex-date of March 14, 2024. The company's stock has also seen encouraging returns, with a 1-month price total return of 10.82% and a 1-year price total return of 32.75%, signaling potential investor optimism in its market valuation.
InvestingPro Tips suggest that while revenue contraction is a concern, the high dividend yield and strong price returns may appeal to income-focused investors and those betting on a turnaround. With additional insights available, subscribers can delve deeper into Bexil's financials and market performance. There are 5 more InvestingPro Tips for Bexil Investment Trust available, which can be accessed with a subscription. For those interested, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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