MFS Intermediate Income Trust (NYSE:MIN) Shares Cross Above 50-Day Moving Average - Here's Why

Key Points

• MFS Intermediate Income Trust (NYSE:MIN) traded above its 50-day moving average of $2.67, reaching a high of $2.70 during trading.
• The trust announced a monthly dividend of $0.0194, with an ex-dividend date on August 19th, resulting in an annualized yield of 8.7%.
• Multiple hedge funds have increased their stake in MFS Intermediate Income Trust, with institutional investors now owning 50.90% of the company's stock.

MFS Intermediate Income Trust (NYSE:MIN - Get Free Report)'s share price passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $2.67 and traded as high as $2.70. MFS Intermediate Income Trust shares last traded at $2.69, with a volume of 110,021 shares trading hands.

MFS Intermediate Income Trust Price Performance

The firm's 50 day simple moving average is $2.67 and its 200-day simple moving average is $2.68.

MFS Intermediate Income Trust Cuts Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, August 29th. Investors of record on Tuesday, August 19th will be given a dividend of $0.0194 per share. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a c) annualized dividend and a yield of 8.7%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. 1607 Capital Partners LLC raised its stake in MFS Intermediate Income Trust by 36.5% in the fourth quarter. 1607 Capital Partners LLC now owns 7,575,555 shares of the financial services provider's stock valued at $20,151,000 after buying an additional 2,024,362 shares during the period. LPL Financial LLC grew its position in shares of MFS Intermediate Income Trust by 106.4% in the first quarter. LPL Financial LLC now owns 840,907 shares of the financial services provider's stock valued at $2,262,000 after purchasing an additional 433,432 shares during the last quarter. Sit Investment Associates Inc. grew its position in shares of MFS Intermediate Income Trust by 0.8% during the 1st quarter. Sit Investment Associates Inc. now owns 24,419,462 shares of the financial services provider's stock worth $65,688,000 after purchasing an additional 186,567 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in MFS Intermediate Income Trust during the fourth quarter worth about $297,000. Finally, Ameriprise Financial Inc. boosted its stake in MFS Intermediate Income Trust by 5.8% in the fourth quarter. Ameriprise Financial Inc. now owns 1,759,098 shares of the financial services provider's stock valued at $4,679,000 after buying an additional 96,198 shares in the last quarter. 50.90% of the stock is currently owned by institutional investors.

About MFS Intermediate Income Trust

MFS Intermediate Income Trust is a closed ended fixed income mutual fund launched and managed by Massachusetts Financial Services Company. The fund invests in fixed income markets across the globe. It primarily invests in debt instruments. The fund seeks to benchmarks the performance of its portfolio against the Barclays Intermediate U.S.