MFS MUNI INC TR (NYSE:MFM) Stock Passes Below 50 Day Moving Average - Time to Sell?

Key Points

• Mfs Muni Inc Tr (NYSE:MFM) shares dropped below their fifty-day moving average of $5.13, currently trading at $5.14 with a volume of 121,778 shares.
• The company has declared a monthly dividend of $0.024, set to be paid on August 29th, with a yield of 5.6%.
• Several hedge funds, including Janney Montgomery Scott LLC and Bank of America Corp DE, have increased their stakes in Mfs Muni Inc Tr, indicating growing institutional interest.

MFS MUNI INC TR (NYSE:MFM - Get Free Report)'s share price passed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $5.13 and traded as low as $5.13. MFS MUNI INC TR shares last traded at $5.14, with a volume of 121,778 shares traded.

MFS MUNI INC TR Price Performance

The firm has a 50 day moving average of $5.13 and a two-hundred day moving average of $5.23.

MFS MUNI INC TR Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, August 29th. Investors of record on Tuesday, August 19th will be given a $0.024 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a c) annualized dividend and a yield of 5.6%.

Hedge Funds Weigh In On MFS MUNI INC TR

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its holdings 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 buying an additional 255,120 shares during the period. Pathstone Holdings LLC lifted its holdings in shares of MFS MUNI INC TR by 12.4% during the 4th quarter. Pathstone Holdings LLC now owns 1,827,038 shares of the closed-end fund's stock valued at $9,790,000 after buying an additional 201,691 shares during the period. Guggenheim Capital LLC lifted its holdings in shares of MFS MUNI INC TR by 10.9% during the 2nd quarter. Guggenheim Capital LLC now owns 967,358 shares of the closed-end fund's stock valued at $5,001,000 after buying an additional 95,163 shares during the period. Advisors Asset Management Inc. grew its position in MFS MUNI INC TR by 14.0% during the second quarter. Advisors Asset Management Inc. now owns 873,146 shares of the closed-end fund's stock valued at $4,514,000 after buying an additional 106,967 shares during the period. Finally, Anderson Financial Strategies LLC bought a new stake in MFS MUNI INC TR during the fourth quarter valued at approximately $4,288,000.

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.