PIMCO Strategic Income Fund (NYSE:RCS) Shares Pass Below Fifty Day Moving Average - Here's Why

Key Points

• PIMCO Strategic Income Fund (NYSE:RCS) fell below its 50-day moving average on Monday, trading as low as $5.19 and last changing hands at $5.20.
• The fund recently announced a monthly dividend of $0.04 per share, payable on August 3 to shareholders of record on July 13, implying an annualized yield of 9.2%.
• Institutional ownership activity was mixed, with several firms adding to positions; hedge funds and other institutional investors now own 13.48% of the stock.

PIMCO Strategic Income Fund, Inc. (NYSE:RCS - Get Free Report) passed below its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $5.42 and traded as low as $5.19. PIMCO Strategic Income Fund shares last traded at $5.20, with a volume of 125,041 shares changing hands.

PIMCO Strategic Income Fund Stock Performance

The business's 50-day simple moving average is $5.42 and its two-hundred day simple moving average is $5.58.

PIMCO Strategic Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Monday, July 13th will be paid a $0.04 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 9.2%. The ex-dividend date of this dividend is Monday, July 13th.

Institutional Trading of PIMCO Strategic Income Fund

A number of institutional investors have recently added to or reduced their stakes in RCS. Comerica Bank increased its holdings in PIMCO Strategic Income Fund by 959.0% in the 1st quarter. Comerica Bank now owns 5,295 shares of the investment management company's stock valued at $33,000 after purchasing an additional 4,795 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of PIMCO Strategic Income Fund by 2.3% in the second quarter. Cetera Investment Advisers now owns 72,983 shares of the investment management company's stock worth $508,000 after buying an additional 1,674 shares during the period. First Trust Advisors LP purchased a new stake in shares of PIMCO Strategic Income Fund in the second quarter worth about $85,000. StoneX Group Inc. acquired a new stake in shares of PIMCO Strategic Income Fund in the second quarter valued at about $72,000. Finally, Benjamin Edwards Inc. grew its stake 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 buying an additional 20,093 shares in the last quarter. 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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