Pimco Corporate & Income Opportunity Fund (NYSE:PTY) Sees Large Decline in Short Interest

Key Points

• Short interest fell 60.7% to 298,146 shares as of September 30, representing about 0.1% of PTY’s shares and just 0.1 days to cover.
• Institutional ownership stands at 10.25%, with several investment firms initiating or increasing positions during the second and third quarters.
• PTY declined 1.7% to $10.78 and recently declared a monthly dividend of $0.1188 per share, equivalent to a 13.2% annualized yield.

Pimco Corporate & Income Opportunity Fund (NYSE:PTY - Get Free Report) saw a significant decrease in short interest in September. As of September 30th, there was short interest totaling 298,146 shares, a decrease of 60.7% from the September 15th total of 758,293 shares. Based on an average daily volume of 2,157,271 shares, the days-to-cover ratio is presently 0.1 days. Approximately 0.1% of the company's shares are short sold.

Institutional Trading of Pimco Corporate & Income Opportunity Fund

Several institutional investors and hedge funds have recently made changes to their positions in the company. Williams & Novak Wealth Management LLC purchased a new stake in Pimco Corporate & Income Opportunity Fund in the third quarter worth about $327,000. Integrated Capital Management Inc. bought a new stake in shares of Pimco Corporate & Income Opportunity Fund in the 3rd quarter valued at about $235,000. First Heartland Consultants Inc. raised its holdings in shares of Pimco Corporate & Income Opportunity Fund by 7.6% in the 3rd quarter. First Heartland Consultants Inc. now owns 106,987 shares of the investment management company's stock valued at $1,178,000 after purchasing an additional 7,555 shares in the last quarter. Noble Wealth Management PBC lifted its position in shares of Pimco Corporate & Income Opportunity Fund by 9.1% in the 3rd quarter. Noble Wealth Management PBC now owns 363,339 shares of the investment management company's stock worth $4,000,000 after purchasing an additional 30,290 shares during the period. Finally, AG Asset Advisory LLC lifted its position in shares of Pimco Corporate & Income Opportunity Fund by 8.0% in the 2nd quarter. AG Asset Advisory LLC now owns 164,641 shares of the investment management company's stock worth $1,981,000 after purchasing an additional 12,243 shares during the period. 10.25% of the stock is currently owned by institutional investors.

Pimco Corporate & Income Opportunity Fund Trading Down 1.7%

PTY traded down $0.18 during trading on Tuesday, hitting $10.78. 1,049,144 shares of the stock were exchanged, compared to its average volume of 1,271,130. The firm has a 50 day simple moving average of $11.44 and a 200 day simple moving average of $11.77. Pimco Corporate & Income Opportunity Fund has a 1 year low of $10.65 and a 1 year high of $14.38.

Pimco Corporate & Income Opportunity Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Tuesday, October 13th will be given a dividend of $0.1188 per share. The ex-dividend date of this dividend is Tuesday, October 13th. This represents a $1.43 dividend on an annualized basis and a dividend yield of 13.2%.

About Pimco Corporate & Income Opportunity Fund

PIMCO Corporate & Income Opportunity Fund NYSE: PTY is a closed-end management investment company advised by Pacific Investment Management Company LLC (PIMCO), a global investment manager. The fund seeks to provide a high level of current income, with capital appreciation as a secondary objective.

The fund invests primarily in corporate debt obligations and other income-producing securities. Its portfolio may include investment-grade and below-investment-grade securities, commonly known as high-yield or “junk” bonds, as well as other fixed-income instruments.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.