I am one of those who recently sold my BGS position. I have held BGF/BGS since its IPO in 2004 and recently sold half in the 17s and half in the 18s.
As to price and value, late comers don't know or forget that this stock was in the 2.60s Oct 2008 and the $8s Nov 2009 ... a pps in the $19s or $20s represents a very major move.
I really like this company/management but IMO a full valuation is in the $14 to $16 range and again for me a 4% yield is way below my min requirement of 8% .... so I sold.
I am not recommending anyone else follow me since everyone's goals, risks and situation is different .... but there are very valid reasons to not be an owner at current pps/yield even though its an excellent company.
I don't understand people saying I bought at $6.xx per share for the dividend (using today's dividend of $0.84/sh = 12-13% div yield) but since dividend yield today at $20.00share = 4%, I sold... this makes no sense.. your specific dividend yield of 12-13% did not change --- only people buying in at $20/sh are earning 4% div yield.
Yours is a very odd way to look at the world although some choose to do such. Its your money so of course you are entitled to that view but its not a meaningful or efficient manner of money management.
Today's value at x dollars and a 4% yield compared to that value invested in GGN yielding 9.2% or EHI yielding 8.6% or FSC yielding 9.22% is the ruler and comparison that's meaningful and how I choose to evaluate effective portfolio management ... moving money stagnating at 4% into an 8% or 9% yield and doubling my income.