Closed end fund (CEF) Bancroft Fund perpetual preferred (BCV-A) took a tumble near the close today (Monday) falling 88 cents on a 966 share’dump’.
Folks need to realize when you put a market order to sell on a stock that average 1,625 shares traded each day you can get badly bruised.
This issue carries a coupon of 5.375% which is damned good for a nice investment grade issue (Moodys A1)–and with a closing price of $25.50 today (after trading as high as $26.46 last Friday) this is as good as it gets. Shares had good ex-dividend a few days 2 weeks ago.
If the drop late today stimulates more selling tomorrow I will be a buyer.
The Bancroft Fund is a fund managed by Gabelli.
NOTE–the issue is thinly traded and most charts are wrong–you should use a chart at your broker (Fido chart is correct).