MFS MUNI INC TR (NYSE:MFM) Sees Large 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 recipient of a significant drop in short interest in August. As of August 15th, there was short interest totaling 43,000 shares, a drop of 30.2% from the July 31st total of 61,600 shares. Based on an average daily volume of 164,000 shares, the days-to-cover ratio is presently 0.3 days. Based on an average daily volume of 164,000 shares, the days-to-cover ratio is presently 0.3 days.

MFS MUNI INC TR Stock Up 0.9%

Shares of MFM traded up $0.05 during trading hours on Wednesday, reaching $5.31. 104,090 shares of the company traded hands, compared to its average volume of 141,392. The stock's fifty day moving average price is $5.13 and its 200 day moving average price is $5.19. MFS MUNI INC TR has a 12-month low of $4.94 and a 12-month 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 paid a $0.024 dividend. The ex-dividend date is Tuesday, September 16th. This represents a c) dividend on an annualized basis and a dividend yield of 5.4%.

Institutional Investors Weigh In On MFS MUNI INC TR

Institutional investors have recently bought and sold shares of the company. Farther Finance Advisors LLC acquired a new stake in MFS MUNI INC TR in the 1st quarter worth about $45,000. NWF Advisory Services Inc. acquired a new stake in MFS MUNI INC TR in the 2nd quarter worth about $52,000. Waverly Advisors LLC acquired a new stake in MFS MUNI INC TR in the 4th quarter worth about $54,000. Jane Street Group LLC acquired a new stake in MFS MUNI INC TR in the 4th quarter worth about $79,000. Finally, Landscape Capital Management L.L.C. boosted its holdings in MFS MUNI INC TR by 21.9% in the 1st quarter. Landscape Capital Management L.L.C. now owns 15,993 shares of the closed-end fund's stock worth $85,000 after buying an additional 2,869 shares during the last quarter.

MFS MUNI INC TR Company Profile

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.