PIMCO High Income Fund (NYSE:PHK) Sees Large Drop in Short Interest

Key Points

• Short interest plunged 60.3% to 263,892 shares as of March 31, equal to about 0.2% of the stock and a days-to-cover of 0.3 based on average volume.
• Several institutions added to positions—Orion Porfolio Solutions LLC increased its stake by 145.3% to 1,158,205 shares, while Osaic, Cetera and others also bought shares; institutional investors now own about 11.75% of PHK.
• Shares traded at $4.66 (down ~1.4%), and the fund declared a monthly dividend of $0.048 per share (annualized yield ~12.4%), with the ex-dividend/record date on April 13 and a May 1 pay date.

PIMCO High Income Fund (NYSE:PHK - Get Free Report) was the target of a large decrease in short interest in March. As of March 31st, there was short interest totaling 263,892 shares, a decrease of 60.3% from the March 15th total of 664,076 shares. Currently, 0.2% of the company's stock are short sold. Based on an average trading volume of 772,374 shares, the days-to-cover ratio is presently 0.3 days.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in PHK. Orion Porfolio Solutions LLC grew its stake in PIMCO High Income Fund by 145.3% during the 4th quarter. Orion Porfolio Solutions LLC now owns 1,158,205 shares of the investment management company's stock worth $5,629,000 after buying an additional 686,037 shares during the last quarter. GraniteShares Advisors LLC purchased a new position in PIMCO High Income Fund during the 4th quarter worth approximately $2,734,000. Osaic Holdings Inc. grew its stake in PIMCO High Income Fund by 32.8% during the 4th quarter. Osaic Holdings Inc. now owns 1,661,772 shares of the investment management company's stock worth $8,076,000 after buying an additional 410,137 shares during the last quarter. Cetera Investment Advisers grew its stake in PIMCO High Income Fund by 35.8% during the 4th quarter. Cetera Investment Advisers now owns 880,845 shares of the investment management company's stock worth $4,281,000 after buying an additional 232,198 shares during the last quarter. Finally, Elm3 Financial Group LLC purchased a new position in PIMCO High Income Fund during the 4th quarter worth approximately $1,016,000. Hedge funds and other institutional investors own 11.75% of the company's stock.

PIMCO High Income Fund Trading Down 1.4%

Shares of NYSE:PHK traded down $0.07 on Friday, hitting $4.66. 1,098,369 shares of the company's stock were exchanged, compared to its average volume of 816,105. The firm's 50-day moving average is $4.78 and its 200 day moving average is $4.84. PIMCO High Income Fund has a 1-year low of $4.41 and a 1-year high of $5.04.

PIMCO High Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, May 1st. Stockholders of record on Monday, April 13th will be given a dividend of $0.048 per share. This represents a c) annualized dividend and a dividend yield of 12.4%. The ex-dividend date of this dividend is Monday, April 13th.

About PIMCO High Income Fund

The PIMCO High Income Fund NYSE: PHK is a closed-end management investment company that seeks to deliver high current income with a secondary focus on capital appreciation. The fund principally invests in a diversified portfolio of fixed-income securities, including corporate high-yield bonds, emerging market debt, securitized products and leveraged loans. PHK may also employ derivatives to enhance income and manage portfolio duration.

PHK's investment team pursues a benchmark-agnostic approach, allocating capital across credit sectors and global regions based on bottom-up credit analysis and macroeconomic outlooks.

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