Shares of Gray Television on Thursday reached their highest closing price since the first days of May, finishing up 3.4% to $21.45.
Perhaps a significant new investor has something to do with it?
An SEC filing made late Wednesday by Gray indicates that a subsidiary of Atlantic American Corp. is now a significant shareholder.
It now holds 880,272 shares of GTN, representing 12.8% of outstanding shares.
What’s the subsidiary? It is Bankers Fidelity Life Insurance Company, which acquired some 658,566 shares of Gray at a price of $19 on Nov. 26.
Bankers Fidelity is a provider of life and supplemental health insurance products. It is headquartered in Atlanta and is licensed in 46 states as well as the District of Columbia.