Stayce D. Harris, a director at BlackRock (NYSE:BLK) Floating Rate Income Strategies Fund, Inc. (NYSE:FRA), recently acquired shares in the company. According to a recent filing, Harris purchased 10 shares of common stock on October 29, 2024, at a price of $13.7584 per share, totaling approximately $137. This transaction increases Harris's direct ownership to 10 shares.
InvestingPro Insights
While Stayce D. Harris's recent purchase of BlackRock Floating Rate Income Strategies Fund, Inc. (NYSE:FRA) shares was modest, it's worth noting some key financial metrics and insights about the company. According to InvestingPro data, FRA boasts a market capitalization of $483.74 million and trades at a P/E ratio of 9.8, suggesting a relatively attractive valuation compared to many peers in the financial sector.
One of the most striking features of FRA is its impressive dividend yield of 10.89%, with the most recent ex-dividend date on October 15, 2024. This aligns with an InvestingPro Tip highlighting that FRA "pays a significant dividend to shareholders." Moreover, the fund has maintained dividend payments for 22 consecutive years, demonstrating a strong commitment to returning value to shareholders.
The fund's performance has been robust, with a one-year price total return of 31.19% as of the latest data. This strong performance is reflected in another InvestingPro Tip, which notes that the stock is "trading near 52-week high." In fact, the current price is 98.71% of its 52-week high, indicating significant momentum.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights beyond what's discussed here. The platform provides a total of 7 tips for FRA, which can offer a more nuanced understanding of the fund's prospects and potential risks.
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