Inv Vk Tr Inv (NYSE:VGM) Reaches New 12-Month Low - Here's Why

Key Points

• VGM shares reached a new 52-week low, falling to $9.57 during Tuesday trading from a previous close of $9.77. The stock’s 50-day and 200-day moving averages were $10.29 and $10.25, respectively.
• The fund declared a monthly dividend of $0.0646 per share, payable September 30 to shareholders of record on September 14, representing an annualized yield of approximately 8.1%.
• Institutional ownership stands at 38.13%, with several firms recently increasing or initiating positions. VGM is a closed-end fund focused primarily on investment-grade municipal bonds and federally tax-exempt income.

Inv Vk Tr Inv (NYSE:VGM - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $9.57 and last traded at $9.5810, with a volume of 306634 shares. The stock had previously closed at $9.77.

Inv Vk Tr Inv Stock Performance

The stock has a fifty day simple moving average of $10.29 and a 200-day simple moving average of $10.25.

Inv Vk Tr Inv Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Monday, September 14th will be issued a dividend of $0.0646 per share. The ex-dividend date of this dividend is Monday, September 14th. This represents a c) annualized dividend and a dividend yield of 8.1%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Comerica Bank raised its stake in shares of Inv Vk Tr Inv by 85.2% in the fourth quarter. Comerica Bank now owns 5,370 shares of the investment management company's stock worth $56,000 after acquiring an additional 2,470 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Inv Vk Tr Inv by 727.9% in the fourth quarter. Allworth Financial LP now owns 5,688 shares of the investment management company's stock valued at $59,000 after purchasing an additional 5,001 shares in the last quarter. Fifth Third Bancorp acquired a new position in Inv Vk Tr Inv during the 1st quarter worth $81,000. Clark Asset Management LLC acquired a new position in Inv Vk Tr Inv during the 2nd quarter worth $123,000. Finally, Susquehanna International Group LLP bought a new position in Inv Vk Tr Inv in the 2nd quarter valued at $127,000. 38.13% of the stock is owned by institutional investors and hedge funds.

Inv Vk Tr Inv Company Profile

Invesco Trust for Investment Grade Municipals is a closed-end management investment company listed on the New York Stock Exchange under the symbol VGM. The fund is designed to provide investors with a high level of current income that is generally exempt from regular U.S. federal income tax.

The fund invests primarily in municipal securities issued by states, counties, cities and other governmental entities, as well as related public authorities. Its portfolio focuses on investment-grade municipal bonds and may include securities financing public services and infrastructure such as transportation, education, utilities and health care.

VGM is advised by Invesco, a global investment management firm.

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