Putnam Premier Income Trust (NYSE:PPT) Sees Significant Increase in Short Interest

Key Points

• Short interest more than doubled to 181,713 shares as of October 15, up 101.1% from September 30. Short interest represents 0.2% of shares outstanding, with a days-to-cover ratio of 1.4.
• Institutional investors and hedge funds own 42.79% of PPT, with several firms increasing their positions during the first three quarters.
• PPT shares recently traded at $3.29, down 0.2%, while the trust declared a monthly dividend of $0.026 per share, equivalent to an annualized yield of approximately 9.5%.

Putnam Premier Income Trust (NYSE:PPT - Get Free Report) saw a large increase in short interest during the month of October. As of October 15th, there was short interest totaling 181,713 shares, an increase of 101.1% from the September 30th total of 90,346 shares. Based on an average trading volume of 133,381 shares, the days-to-cover ratio is presently 1.4 days. Currently, 0.2% of the company's shares are short sold.

Hedge Funds Weigh In On Putnam Premier Income Trust

A number of hedge funds have recently made changes to their positions in PPT. Janney Montgomery Scott LLC boosted its holdings in Putnam Premier Income Trust by 9.6% in the first quarter. Janney Montgomery Scott LLC now owns 774,899 shares of the investment management company's stock valued at $2,751,000 after acquiring an additional 67,945 shares during the last quarter. Quad Cities Investment Group LLC grew its position in Putnam Premier Income Trust by 10.7% during the second quarter. Quad Cities Investment Group LLC now owns 273,312 shares of the investment management company's stock valued at $954,000 after acquiring an additional 26,347 shares during the period. Baird Financial Group Inc. increased its stake in Putnam Premier Income Trust by 2.4% during the second quarter. Baird Financial Group Inc. now owns 197,900 shares of the investment management company's stock worth $691,000 after acquiring an additional 4,650 shares during the last quarter. Pin Oak Investment Advisors Inc. acquired a new stake in Putnam Premier Income Trust during the second quarter worth about $567,000. Finally, Gilpin Wealth Management LLC increased its stake in Putnam Premier Income Trust by 15.8% during the third quarter. Gilpin Wealth Management LLC now owns 142,762 shares of the investment management company's stock worth $468,000 after acquiring an additional 19,531 shares during the last quarter. Institutional investors and hedge funds own 42.79% of the company's stock.

Putnam Premier Income Trust Trading Down 0.2%

Shares of PPT stock traded down $0.01 during trading hours on Friday, hitting $3.29. 95,526 shares of the company were exchanged, compared to its average volume of 118,409. The firm has a fifty day moving average of $3.32 and a 200 day moving average of $3.46. Putnam Premier Income Trust has a 1 year low of $3.21 and a 1 year high of $3.67.

Putnam Premier Income Trust Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, November 30th. Investors of record on Friday, November 20th will be given a dividend of $0.0260 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $0.31 annualized dividend and a yield of 9.5%.

Putnam Premier Income Trust Company Profile

Putnam Premier Income Trust NYSE: PPT is a closed-end investment fund managed by Putnam Investment Management, LLC. The fund's primary objective is to provide a high level of current income, with capital appreciation as a secondary objective.

The trust invests primarily in income-producing fixed-income securities. Its portfolio may include corporate bonds, government and agency debt, mortgage- and asset-backed securities, high-yield bonds and obligations issued by companies and governments in the United States and other countries.

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