PIMCO High Income Fund (NYSE:PHK) Shares Pass Above Two Hundred Day Moving Average - Should You Sell?

Key Points

• PIMCO High Income Fund's stock price recently crossed above its 200-day moving average of $4.81, reaching a high of $5.02 during trading.
• The fund announced a monthly dividend of $0.048 per share, resulting in an annualized yield of 11.6% for shareholders.
• Institutional investors have shown increased interest, with significant stakes acquired during the second quarter, bringing total ownership by such investors to 11.75% of the company's stock.

Shares of PIMCO High Income Fund (NYSE:PHK - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $4.81 and traded as high as $5.02. PIMCO High Income Fund shares last traded at $4.99, with a volume of 864,038 shares trading hands.

PIMCO High Income Fund Price Performance

The business's 50-day moving average price is $4.89 and its 200 day moving average price is $4.81.

PIMCO High Income Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 12th will be given a dividend of $0.048 per share. This represents a c) dividend on an annualized basis and a yield of 11.7%. The ex-dividend date of this dividend is Friday, September 12th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Osaic Holdings Inc. increased its position in PIMCO High Income Fund by 18.9% during the 2nd quarter. Osaic Holdings Inc. now owns 444,399 shares of the investment management company's stock worth $2,133,000 after buying an additional 70,649 shares during the period. B. Riley Wealth Advisors Inc. bought a new position in PIMCO High Income Fund during the second quarter worth about $72,000. Nomura Holdings Inc. bought a new position in PIMCO High Income Fund during the second quarter worth about $72,000. Orion Porfolio Solutions LLC raised its stake in PIMCO High Income Fund by 23.0% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 430,521 shares of the investment management company's stock worth $2,067,000 after purchasing an additional 80,433 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in PIMCO High Income Fund by 3.5% in the 2nd quarter. Bank of America Corp DE now owns 960,259 shares of the investment management company's stock valued at $4,609,000 after purchasing an additional 32,540 shares during the period. 11.75% of the stock is currently owned by institutional investors.

About PIMCO High Income Fund

PIMCO High Income Fund is a closed ended fixed income mutual fund launched and managed by Allianz Global Investors Fund Management LLC. The fund is co-managed by Pacific Investment Management Company LLC. It invests in the public fixed income markets across the globe. The fund invests in U.S. dollar denominated high-yield corporate debt obligations.