Putnam Premier Income Trust (NYSE:PPT) Sees Large Decline in Short Interest

Key Points

• Short interest fell 71.1% to 53,531 shares as of September 15, representing about 0.1% of PPT’s shares and a days-to-cover ratio of 0.6.
• Institutional investors own 42.79% of the trust, with several firms recently initiating positions or increasing their holdings.
• PPT opened at $3.25, near its 12-month low, while maintaining a monthly dividend of $0.026 per share, equivalent to an annualized yield of approximately 9.6%.

Putnam Premier Income Trust (NYSE:PPT - Get Free Report) saw a significant decrease in short interest in September. As of September 15th, there was short interest totaling 53,531 shares, a decrease of 71.1% from the August 31st total of 185,500 shares. Approximately 0.1% of the shares of the stock are short sold. Based on an average daily volume of 92,976 shares, the days-to-cover ratio is currently 0.6 days.

Institutional Investors Weigh In On Putnam Premier Income Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in PPT. Summit Securities Group LLC purchased a new position in Putnam Premier Income Trust during the first quarter valued at $29,000. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of Putnam Premier Income Trust during the fourth quarter worth about $33,000. IFP Advisors Inc raised its position in shares of Putnam Premier Income Trust by 17.6% during the 2nd quarter. IFP Advisors Inc now owns 23,506 shares of the investment management company's stock worth $82,000 after purchasing an additional 3,526 shares during the last quarter. Readystate Asset Management LP acquired a new position in shares of Putnam Premier Income Trust during the 2nd quarter worth about $93,000. Finally, Closed End Fund Advisors Inc. purchased a new position in Putnam Premier Income Trust in the 4th quarter valued at about $97,000. Hedge funds and other institutional investors own 42.79% of the company's stock.

Putnam Premier Income Trust Price Performance

Shares of PPT opened at $3.25 on Friday. Putnam Premier Income Trust has a 12 month low of $3.24 and a 12 month high of $3.74. The stock's 50 day moving average is $3.40 and its two-hundred day moving average is $3.45.

Putnam Premier Income Trust Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Friday, November 20th will be given a dividend of $0.0260 per share. The ex-dividend date is Friday, November 20th. This represents a $0.31 dividend on an annualized basis and a dividend yield of 9.6%.

Putnam Premier Income Trust Company Profile

Putnam Premier Income Trust NYSE: PPT is a closed-end management investment company that seeks to provide a high level of current income while also pursuing opportunities for capital appreciation. The fund is managed by Putnam Investment Management, LLC, part of Putnam Investments.

The trust invests primarily in a diversified portfolio of income-producing fixed-income securities. Its holdings may include corporate bonds, high-yield securities, bank loans and other debt instruments issued by companies and governments.

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