Investment

Short Interest in Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) Rises By 115.2%


Western Asset Investment Grade Income Fund Inc. (NYSE:PAI – Get Rating) was the recipient of a large increase in short interest in the month of April. As of April 30th, there was short interest totalling 7,100 shares, an increase of 115.2% from the April 15th total of 3,300 shares. Based on an average daily trading volume, of 22,600 shares, the days-to-cover ratio is presently 0.3 days.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Wolverine Asset Management LLC acquired a new stake in Western Asset Investment Grade Income Fund during the 1st quarter worth approximately $575,000. Meadow Creek Wealth Advisors LLC bought a new position in Western Asset Investment Grade Income Fund during the 4th quarter worth approximately $451,000. UBS Group AG raised its holdings in Western Asset Investment Grade Income Fund by 48.5% during the 3rd quarter. UBS Group AG now owns 70,375 shares of the financial services provider’s stock worth $1,103,000 after purchasing an additional 22,992 shares during the last quarter. Tortoise Investment Management LLC bought a new position in Western Asset Investment Grade Income Fund during the 1st quarter worth approximately $274,000. Finally, Whitener Capital Management Inc. bought a new position in Western Asset Investment Grade Income Fund during the 1st quarter worth approximately $260,000. Institutional investors own 22.65% of the company’s stock.

PAI stock traded down $0.04 during mid-day trading on Friday, hitting $12.33. The stock had a trading volume of 36,636 shares, compared to its average volume of 20,935. Western Asset Investment Grade Income Fund has a 52 week low of $12.24 and a 52 week high of $17.41. The firm has a fifty day simple moving average of $13.11 and a 200 day simple moving average of $14.39.

The company also recently announced a monthly dividend, which will be paid on Wednesday, June 1st. Shareholders of record on Monday, May 23rd will be issued a $0.0465 dividend. This represents a $0.56 annualized dividend and a yield of 4.53%. The ex-dividend date is Friday, May 20th.

Western Asset Investment Grade Income Fund Company Profile (Get Rating)

Western Asset Income Fund is a closed-ended fixed income mutual fund launched and managed by Western Asset Management Company. It is co-managed by Western Asset Management Company Limited. The fund invests in the fixed income markets of the United States. It primarily invests in investment grade debt, including government securities, bank debt, commercial paper, and cash or cash equivalents.

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