MFS Intermediate Income Trust (NYSE:MIN) Share Price Crosses Above 50-Day Moving Average - What's Next?

Key Points

• MFS Intermediate Income Trust shares moved above their 50-day moving average, trading as high as $2.47 and last changing hands at $2.4650.
• The trust recently announced a monthly dividend of $0.02 per share, payable July 31 to shareholders of record on July 23, implying an annualized yield of about 9.7%.
• Institutional ownership remains significant, with several firms increasing stakes; 50.90% of the stock is held by institutional investors.

Shares of MFS Intermediate Income Trust (NYSE:MIN - Get Free Report) passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $2.45 and traded as high as $2.47. MFS Intermediate Income Trust shares last traded at $2.4650, with a volume of 105,202 shares trading hands.

MFS Intermediate Income Trust Stock Performance

The stock's fifty day moving average is $2.45 and its two-hundred day moving average is $2.51.

MFS Intermediate Income Trust Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Investors of record on Thursday, July 23rd will be paid a dividend of $0.02 per share. This is a positive change from MFS Intermediate Income Trust's previous monthly dividend of $0.02. This represents a c) annualized dividend and a yield of 9.7%. The ex-dividend date of this dividend is Thursday, July 23rd.

Hedge Funds Weigh In On MFS Intermediate Income Trust

A number of institutional investors have recently added to or reduced their stakes in the business. Invesco Ltd. boosted its position in shares of MFS Intermediate Income Trust by 2.0% during the 2nd quarter. Invesco Ltd. now owns 1,122,280 shares of the financial services provider's stock valued at $3,041,000 after acquiring an additional 22,248 shares during the last quarter. Raymond James Financial Inc. raised its stake in MFS Intermediate Income Trust by 10.9% in the second quarter. Raymond James Financial Inc. now owns 132,779 shares of the financial services provider's stock valued at $360,000 after purchasing an additional 12,998 shares in the last quarter. Ameriprise Financial Inc. raised its stake in MFS Intermediate Income Trust by 2.7% in the second quarter. Ameriprise Financial Inc. now owns 3,026,256 shares of the financial services provider's stock valued at $8,191,000 after purchasing an additional 79,470 shares in the last quarter. Bank of America Corp DE raised its position in shares of MFS Intermediate Income Trust by 6.5% during the 2nd quarter. Bank of America Corp DE now owns 712,130 shares of the financial services provider's stock valued at $1,930,000 after buying an additional 43,686 shares in the last quarter. Finally, Private Advisor Group LLC raised its position in shares of MFS Intermediate Income Trust by 8.3% during the 3rd quarter. Private Advisor Group LLC now owns 314,850 shares of the financial services provider's stock valued at $844,000 after buying an additional 24,150 shares in the last quarter. 50.90% of the stock is currently owned by institutional investors.

MFS Intermediate Income Trust Company Profile

MFS Intermediate Income Trust NYSE: MIN is a closed-end management investment company that seeks to provide a high level of current income consistent with the preservation of capital. The Trust pursues its objective by investing primarily in a diversified portfolio of intermediate-duration fixed-income securities. Its holdings typically include investment-grade corporate bonds, mortgage- and asset-backed securities, and select non-investment-grade debt instruments. The Trust may employ leverage to enhance income potential and intends to distribute gains and interest earnings on a monthly basis.

The portfolio is managed by the fixed-income team at MFS Investment Management, a global asset manager founded in 1924 and headquartered in Boston, Massachusetts.

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