High Income Securities Fund (NYSE:PCF) Sees Significant Increase in Short Interest

Key Points

• Short interest more than doubled to 85,149 shares as of September 30, up 104.2% from mid-month; shorted shares represented approximately 0.5% of PCF’s outstanding stock.
• Hedge funds and institutional investors owned 16.64% of the fund, with several firms increasing their positions or initiating new stakes during the first quarter.
• PCF shares opened at $5.04, near their 52-week low, while the fund announced a monthly dividend of $0.058 per share, equivalent to an annualized yield of approximately 13.8%.

High Income Securities Fund (NYSE:PCF - Get Free Report) was the recipient of a large growth in short interest during the month of September. As of September 30th, there was short interest totaling 85,149 shares, a growth of 104.2% from the September 15th total of 41,693 shares. Approximately 0.5% of the company's shares are sold short. Based on an average trading volume of 124,290 shares, the days-to-cover ratio is currently 0.7 days.

Hedge Funds Weigh In On High Income Securities Fund

A number of institutional investors have recently modified their holdings of PCF. Lido Advisors LLC purchased a new position in High Income Securities Fund during the 1st quarter worth $66,000. Bulldog Investors LLP raised its position in High Income Securities Fund by 30.4% during the 1st quarter. Bulldog Investors LLP now owns 13,961 shares of the financial services provider's stock valued at $77,000 after purchasing an additional 3,256 shares in the last quarter. Live Oak Private Wealth LLC bought a new stake in High Income Securities Fund during the 1st quarter valued at $97,000. Tactive Advisors LLC lifted its holdings in shares of High Income Securities Fund by 21.9% in the 1st quarter. Tactive Advisors LLC now owns 21,007 shares of the financial services provider's stock worth $116,000 after buying an additional 3,780 shares during the period. Finally, Rivernorth Capital Management LLC lifted its holdings in shares of High Income Securities Fund by 95.1% in the 1st quarter. Rivernorth Capital Management LLC now owns 102,563 shares of the financial services provider's stock worth $566,000 after buying an additional 50,003 shares during the period. 16.64% of the stock is owned by hedge funds and other institutional investors.

High Income Securities Fund Stock Performance

PCF opened at $5.04 on Wednesday. The business has a fifty day moving average of $5.34 and a 200 day moving average of $5.47. High Income Securities Fund has a 52-week low of $4.95 and a 52-week high of $6.35.

High Income Securities Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Thursday, December 31st. Shareholders of record on Tuesday, December 22nd will be given a $0.0580 dividend. This represents a $0.70 annualized dividend and a yield of 13.8%. The ex-dividend date of this dividend is Tuesday, December 22nd.

High Income Securities Fund Company Profile

High Income Securities Fund NYSE: PCF is a closed-end investment company that seeks to provide investors with a high level of current income, with capital appreciation as a secondary objective. The fund invests in a portfolio of income-producing securities rather than operating a commercial business.

Its investments may include high-yield corporate debt, investment-grade and other fixed-income securities, preferred stocks, common stocks, convertible securities and other income-oriented assets.

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