MFS High Income Municipal Trust (NYSE:CXE) Sees Significant Drop in Short Interest

Key Points

• Short interest plunged 89.2% to 4,035 shares as of April 15 (from 37,194 on March 31), leaving a short-interest ratio of 0.1 days and roughly 0.0% of shares sold short.
• The fund declared a monthly dividend of $0.018 per share payable April 30 with record/ex-dividend date April 14, implying an annualized yield of about 5.8%.
• CXE traded at $3.74 (near its 50- and 200-day moving averages) with below-average volume, and institutional investors own roughly 34.37% of the stock amid several recent position increases and new purchases.

MFS High Income Municipal Trust (NYSE:CXE - Get Free Report) was the target of a significant decline in short interest during the month of April. As of April 15th, there was short interest totaling 4,035 shares, a decline of 89.2% from the March 31st total of 37,194 shares. Based on an average daily volume of 78,259 shares, the short-interest ratio is currently 0.1 days. Approximately 0.0% of the shares of the company are sold short.

MFS High Income Municipal Trust Stock Up 0.1%

CXE stock traded up $0.01 during midday trading on Friday, hitting $3.74. The company's stock had a trading volume of 46,326 shares, compared to its average volume of 67,875. The stock's 50-day moving average price is $3.77 and its 200 day moving average price is $3.75. MFS High Income Municipal Trust has a 1 year low of $3.40 and a 1 year high of $3.88.

MFS High Income Municipal Trust Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Tuesday, April 14th will be given a $0.018 dividend. The ex-dividend date of this dividend is Tuesday, April 14th. This represents a c) annualized dividend and a yield of 5.8%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of CXE. NewEdge Advisors LLC purchased a new position in MFS High Income Municipal Trust in the first quarter worth $84,000. Cetera Investment Advisers boosted its position in MFS High Income Municipal Trust by 47.2% in the second quarter. Cetera Investment Advisers now owns 18,412 shares of the company's stock worth $66,000 after purchasing an additional 5,903 shares during the last quarter. Whitebox Advisors LLC boosted its position in MFS High Income Municipal Trust by 7.4% in the second quarter. Whitebox Advisors LLC now owns 483,300 shares of the company's stock worth $1,730,000 after purchasing an additional 33,258 shares during the last quarter. Catalina Capital Group LLC purchased a new position in MFS High Income Municipal Trust in the third quarter worth $297,000. Finally, PFG Investments LLC purchased a new position in MFS High Income Municipal Trust in the third quarter worth $129,000. Hedge funds and other institutional investors own 34.37% of the company's stock.

About MFS High Income Municipal Trust

MFS High Income Municipal Trust NYSE: CXE is a diversified, closed-end management investment company that seeks to provide shareholders with high current income exempt from regular federal income tax. The fund achieves this objective by investing primarily in a portfolio of municipal obligations, which may include general obligation bonds, revenue bonds and other municipal securities issued by state and local governments throughout the United States.

The trust focuses on both investment-grade and below-investment-grade municipal securities, aiming to capture wider spreads in the high-yield segment of the municipal bond market.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.