Pimco Corporate & Income Opportunity Fund (NYSE:PTY) Stock Crosses Above 50-Day Moving Average - Here's Why

Key Points

• The Pimco Corporate & Income Opportunity Fund (NYSE: PTY) recently crossed above its 50-day moving average, trading as high as $14.61 after last trading at $14.47.
• The fund announced a monthly dividend of $0.1188, with an annualized yield of 9.9%, to be paid on November 3rd to stockholders of record.
• Several institutional investors have significantly increased their holdings in the fund, with Steward Partners Investment Advisory LLC raising its position by 425.1% in the second quarter.

Pimco Corporate & Income Opportunity Fund (NYSE:PTY - ) crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $14.24 and traded as high as $14.61. Pimco Corporate & Income Opportunity Fund shares last traded at $14.47, with a volume of 1,117,154 shares traded.

Pimco Corporate & Income Opportunity Fund Trading Down 0.9%

The company's 50-day simple moving average is $14.24 and its 200-day simple moving average is $13.89.

Pimco Corporate & Income Opportunity Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Tuesday, October 14th will be given a $0.1188 dividend. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a c) annualized dividend and a dividend yield of 9.9%.

Hedge Funds Weigh In On Pimco Corporate & Income Opportunity Fund

Several large investors have recently modified their holdings of PTY. Invesco Ltd. bought a new position in shares of Pimco Corporate & Income Opportunity Fund in the second quarter valued at about $16,400,000. Cetera Investment Advisers raised its position in shares of Pimco Corporate & Income Opportunity Fund by 58.1% in the first quarter. Cetera Investment Advisers now owns 1,439,621 shares of the investment management company's stock valued at $20,817,000 after purchasing an additional 529,206 shares during the period. Steward Partners Investment Advisory LLC raised its position in shares of Pimco Corporate & Income Opportunity Fund by 425.1% in the second quarter. Steward Partners Investment Advisory LLC now owns 333,526 shares of the investment management company's stock valued at $4,639,000 after purchasing an additional 270,013 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in shares of Pimco Corporate & Income Opportunity Fund by 12.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,963,850 shares of the investment management company's stock valued at $27,317,000 after purchasing an additional 224,390 shares during the period. Finally, LPL Financial LLC raised its position in shares of Pimco Corporate & Income Opportunity Fund by 9.6% in the first quarter. LPL Financial LLC now owns 2,450,532 shares of the investment management company's stock valued at $35,435,000 after purchasing an additional 215,188 shares during the period. 10.25% of the stock is owned by institutional investors.

About Pimco Corporate & Income Opportunity Fund

PIMCO Corporate & Income Opportunity Fund is a closed-ended fixed income mutual fund launched and managed by Allianz Global Investors Fund Management LLC. It is co-managed by Pacific Investment Management Company LLC. The fund invests in fixed income markets across the globe. It invests in corporate debt obligations rated in the lowest investment grade category Baa or BBB and in the highest non-investment grade category Ba or BB.

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