Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) Stock Short Interest Falls 37.3%

Key Points

• Short interest dropped 37.3% to 5,093 shares as of October 15, representing about 0.1% of PAI’s outstanding shares and just 0.2 days to cover.
• PAI shares rose 0.2% to $11.46, trading between a 12-month range of $11.24 and $12.95.
• The fund announced a monthly dividend of $0.0525 per share, or $0.63 annualized, implying a 5.5% yield; institutional investors own 18.99% of the stock.

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI - Get Free Report) was the target of a significant decrease in short interest in October. As of October 15th, there was short interest totaling 5,093 shares, a decrease of 37.3% from the September 30th total of 8,127 shares. Approximately 0.1% of the shares of the company are sold short. Based on an average daily trading volume, of 26,344 shares, the days-to-cover ratio is currently 0.2 days.

Western Asset Investment Grade Income Fund Stock Up 0.2%

Shares of PAI stock traded up $0.02 during trading hours on Monday, reaching $11.46. 3,918 shares of the company traded hands, compared to its average volume of 17,478. Western Asset Investment Grade Income Fund has a 12-month low of $11.24 and a 12-month high of $12.95. The firm has a 50-day moving average price of $11.58 and a 200 day moving average price of $12.07.

Western Asset Investment Grade Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, November 30th. Investors of record on Friday, November 20th will be issued a $0.0525 dividend. This represents a $0.63 annualized dividend and a yield of 5.5%. The ex-dividend date of this dividend is Friday, November 20th.

Hedge Funds Weigh In On Western Asset Investment Grade Income Fund

Large investors have recently added to or reduced their stakes in the company. Susquehanna International Group LLP boosted its position in shares of Western Asset Investment Grade Income Fund by 16.0% in the second quarter. Susquehanna International Group LLP now owns 12,605 shares of the financial services provider's stock worth $153,000 after purchasing an additional 1,734 shares during the period. Fifth Third Bancorp bought a new stake in shares of Western Asset Investment Grade Income Fund during the 1st quarter valued at $30,000. Bank of America Corp DE bought a new stake in shares of Western Asset Investment Grade Income Fund during the 2nd quarter valued at $243,000. Finally, Waverly Advisors LLC bought a new stake in shares of Western Asset Investment Grade Income Fund during the 2nd quarter valued at $269,000. Hedge funds and other institutional investors own 18.99% of the company's stock.

About Western Asset Investment Grade Income Fund

Western Asset Investment Grade Income Fund NYSE: PAI is a diversified, closed-end management investment company. The fund seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in investment-grade fixed-income securities.

Its portfolio may include corporate bonds, U.S. government and agency securities, mortgage-backed securities, asset-backed securities, and other debt instruments. The fund may also invest in securities issued by entities outside the United States, providing exposure to global fixed-income markets while maintaining an emphasis on higher-quality credit.

PAI is managed by Western Asset Management Company, a global fixed-income investment manager and an affiliate of Franklin Resources.

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