MFS MUNI INC TR (NYSE:MFM) Sees Significant Drop in Short Interest

Key Points

• MFS MUNI INC TR (NYSE:MFM) experienced a significant decrease in short interest, dropping 30.2% from 61,600 shares in July to 43,000 shares in August.
• Several institutional investors, including Bank of America and Pathstone Holdings, have increased their stakes in MFM during the past quarter, indicating growing confidence in the fund.
• The firm announced a monthly dividend of $0.024 per share to be paid on September 30th, reflecting an annualized yield of 5.6%.

MFS MUNI INC TR (NYSE:MFM - Get Free Report) was the target of a large decrease in short interest in August. As of August 15th, there was short interest totaling 43,000 shares, a decrease of 30.2% from the July 31st total of 61,600 shares. Based on an average trading volume of 164,000 shares, the short-interest ratio is currently 0.3 days. Based on an average trading volume of 164,000 shares, the short-interest ratio is currently 0.3 days.

Hedge Funds Weigh In On MFS MUNI INC TR

Several large investors have recently modified their holdings of MFM. Jane Street Group LLC bought a new position in shares of MFS MUNI INC TR during the 4th quarter valued at approximately $79,000. Ameriprise Financial Inc. increased its position in shares of MFS MUNI INC TR by 10.3% during the 4th quarter. Ameriprise Financial Inc. now owns 65,114 shares of the closed-end fund's stock valued at $348,000 after purchasing an additional 6,097 shares during the last quarter. Bank of America Corp DE increased its position in shares of MFS MUNI INC TR by 15.6% during the 4th quarter. Bank of America Corp DE now owns 1,895,354 shares of the closed-end fund's stock valued at $10,140,000 after purchasing an additional 255,120 shares during the last quarter. Citadel Advisors LLC bought a new position in shares of MFS MUNI INC TR during the 4th quarter valued at approximately $106,000. Finally, Cetera Investment Advisers increased its position in shares of MFS MUNI INC TR by 12.8% during the 4th quarter. Cetera Investment Advisers now owns 22,341 shares of the closed-end fund's stock valued at $120,000 after purchasing an additional 2,536 shares during the last quarter.

MFS MUNI INC TR Stock Up 0.5%

Shares of MFM traded up $0.03 during mid-day trading on Thursday, hitting $5.37. 103,595 shares of the stock were exchanged, compared to its average volume of 144,299. The firm has a 50-day moving average of $5.14 and a two-hundred day moving average of $5.19. MFS MUNI INC TR has a 52-week low of $4.94 and a 52-week high of $5.78.

MFS MUNI INC TR Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.024 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a c) annualized dividend and a dividend yield of 5.4%.

About MFS MUNI INC TR

MFS Municipal Income Trust is a close ended fixed income mutual fund launched and managed by Massachusetts Financial Services Company. The fund invests in fixed income markets of the United States. It primarily invests in tax-exempt bonds and tax-exempt notes. The fund benchmarks the performance of its portfolio against Barclays Municipal Bond Index.