High Income Securities Fund (NYSE:PCF) Sees Significant Drop in Short Interest

Key Points

• Short interest plunged 62.3% to 7,463 shares as of April 15, leaving effectively 0.0% of shares sold short and a days-to-cover ratio of 0.1.
• Insider Phillip Goldstein bought 5,088 shares at $5.45 on April 7, raising his stake to 46,441 shares (a 12.3% increase), and insiders bought 41,107 shares in the last quarter.
• The fund declared a monthly dividend of $0.058 per share (ex-dividend/record date June 16, payable June 30), implying a 12.1% yield.

High Income Securities Fund (NYSE:PCF - Get Free Report) was the recipient of a significant decrease in short interest during the month of April. As of April 15th, there was short interest totaling 7,463 shares, a decrease of 62.3% from the March 31st total of 19,788 shares. Currently, 0.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 88,509 shares, the days-to-cover ratio is presently 0.1 days.

Insiders Place Their Bets

In related news, insider Phillip Goldstein purchased 5,088 shares of the firm's stock in a transaction dated Tuesday, April 7th. The shares were acquired at an average cost of $5.45 per share, with a total value of $27,729.60. Following the completion of the purchase, the insider directly owned 46,441 shares of the company's stock, valued at $253,103.45. This trade represents a 12.30% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought 41,107 shares of company stock worth $234,769 over the last quarter. 1.60% of the stock is currently owned by corporate insiders.

Institutional Trading of High Income Securities Fund

Hedge funds have recently modified their holdings of the stock. Integrity Advisory Solutions LLC bought a new stake in shares of High Income Securities Fund during the third quarter valued at approximately $71,000. XTX Topco Ltd acquired a new position in High Income Securities Fund in the fourth quarter valued at approximately $71,000. Kovack Advisors Inc. acquired a new position in High Income Securities Fund in the fourth quarter valued at approximately $91,000. Live Oak Private Wealth LLC acquired a new position in High Income Securities Fund in the first quarter valued at approximately $97,000. Finally, Benjamin Edwards Inc. acquired a new position in High Income Securities Fund in the third quarter valued at approximately $98,000. 16.64% of the stock is owned by institutional investors.

High Income Securities Fund Price Performance

Shares of PCF traded up $0.06 during mid-day trading on Friday, hitting $5.74. 45,314 shares of the company traded hands, compared to its average volume of 75,144. High Income Securities Fund has a one year low of $5.36 and a one year high of $6.51. The business has a 50-day moving average of $5.72 and a 200 day moving average of $6.01.

High Income Securities Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 16th will be paid a dividend of $0.058 per share. This represents a c) annualized dividend and a dividend yield of 12.1%. The ex-dividend date of this dividend is Tuesday, June 16th.

High Income Securities Fund Company Profile

High Income Securities Fund NYSE: PCF is a closed-end management investment company dedicated to delivering a high level of total return, with an emphasis on current income. The fund invests primarily in a diversified portfolio of below-investment-grade debt securities, including corporate high-yield bonds, bank loans and other fixed-income instruments. While the majority of its holdings are denominated in U.S. dollars, the fund may also invest in non-U.S. issuers and currency exposures as part of its global credit strategy.

To pursue its objectives, PCF may employ leverage in the form of borrowings and preferred stock issuance, enhancing its capacity to generate income but also introducing additional risk.

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