PIMCO Strategic Income Fund (NYSE:RCS) Share Price Crosses Below 50-Day Moving Average - Here's Why

Key Points

• PIMCO Strategic Income Fund (NYSE:RCS) fell below its 50-day moving average, with shares trading as low as $5.34 and last changing hands at $5.3660.
• The fund announced a monthly dividend of $0.04 per share, payable on August 3 to shareholders of record on July 13, implying an 8.9% yield.
• Institutional ownership remains active, with hedge funds and other investors owning about 13.48% of the stock and several firms increasing their stakes recently.

PIMCO Strategic Income Fund, Inc. (NYSE:RCS - Get Free Report)'s stock price crossed below its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $5.44 and traded as low as $5.34. PIMCO Strategic Income Fund shares last traded at $5.3660, with a volume of 224,808 shares traded.

PIMCO Strategic Income Fund Stock Performance

The stock's 50 day moving average price is $5.44 and its 200-day moving average price is $5.62.

PIMCO Strategic Income Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Monday, July 13th will be given a $0.04 dividend. This represents a c) annualized dividend and a yield of 8.9%. The ex-dividend date of this dividend is Monday, July 13th.

Hedge Funds Weigh In On PIMCO Strategic Income Fund

Institutional investors have recently modified their holdings of the stock. Benjamin Edwards Inc. boosted its holdings in shares of PIMCO Strategic Income Fund by 5.0% in the second quarter. Benjamin Edwards Inc. now owns 425,434 shares of the investment management company's stock valued at $2,961,000 after purchasing an additional 20,093 shares during the period. UBS Group AG grew its stake in PIMCO Strategic Income Fund by 4.4% in the fourth quarter. UBS Group AG now owns 408,267 shares of the investment management company's stock worth $2,274,000 after purchasing an additional 17,047 shares in the last quarter. LPL Financial LLC increased its holdings in PIMCO Strategic Income Fund by 30.6% during the 4th quarter. LPL Financial LLC now owns 369,581 shares of the investment management company's stock worth $2,059,000 after purchasing an additional 86,529 shares during the period. Milestone Asset Management LLC increased its holdings in PIMCO Strategic Income Fund by 38.3% during the 4th quarter. Milestone Asset Management LLC now owns 172,517 shares of the investment management company's stock worth $961,000 after purchasing an additional 47,767 shares during the period. Finally, Silver Oak Securities Incorporated bought a new stake in PIMCO Strategic Income Fund during the 4th quarter valued at $603,000. 13.48% of the stock is owned by hedge funds and other institutional investors.

About PIMCO Strategic Income Fund

PIMCO Strategic Income Fund NYSE: RCS is a closed-end management investment company that seeks to deliver current income and capital appreciation by investing in a diversified portfolio of fixed income instruments. The fund is managed by Pacific Investment Management Company LLC (PIMCO), one of the world's leading fixed income investment managers, and leverages PIMCO's global research and risk-management platform to allocate across various credit sectors and interest rate environments.

The fund's investment strategy is multi-sector and flexible, allowing the portfolio management team to adjust exposures among government securities, corporate bonds, asset-backed and mortgage-backed securities, high-yield debt, and emerging market instruments.

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