MFS Intermediate Income Trust (NYSE:MIN) Shares Pass Below 200 Day Moving Average - Here's Why

Key Points

• MFS Intermediate Income Trust shares fell below their 200-day moving average, trading as low as $2.40 versus the $2.47 average before closing at $2.4250.
• The trust declared a monthly dividend of $0.02 per share, representing a stated yield of approximately 9.9%.
• Institutional investors own 50.9% of the company’s stock, with several major firms recently increasing their stakes, including GatePass Capital, Bank of America and Equitable Holdings.

MFS Intermediate Income Trust (NYSE:MIN - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $2.47 and traded as low as $2.40. MFS Intermediate Income Trust shares last traded at $2.4250, with a volume of 213,688 shares.

MFS Intermediate Income Trust Stock Down 0.2%

The company's 50 day simple moving average is $2.44 and its 200 day simple moving average is $2.47.

MFS Intermediate Income Trust Dividend Announcement

The company also recently declared a monthly dividend, which was paid on Monday, August 31st. Investors of record on Monday, August 24th were paid a dividend of $0.02 per share. This represents a c) dividend on an annualized basis and a yield of 9.9%. The ex-dividend date was Monday, August 24th.

Institutional Investors Weigh In On MFS Intermediate Income Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MIN. GatePass Capital LLC grew its position in shares of MFS Intermediate Income Trust by 2,212.3% during the second quarter. GatePass Capital LLC now owns 601,200 shares of the financial services provider's stock worth $1,485,000 after acquiring an additional 575,200 shares during the last quarter. Sit Investment Associates Inc. raised its position in MFS Intermediate Income Trust by 0.7% in the 4th quarter. Sit Investment Associates Inc. now owns 29,167,975 shares of the financial services provider's stock valued at $76,128,000 after purchasing an additional 213,250 shares during the last quarter. Ameriprise Financial Inc. raised its position in MFS Intermediate Income Trust by 6.8% in the 3rd quarter. Ameriprise Financial Inc. now owns 3,232,821 shares of the financial services provider's stock valued at $8,664,000 after purchasing an additional 206,565 shares during the last quarter. Bank of America Corp DE boosted its stake in MFS Intermediate Income Trust by 26.2% during the 3rd quarter. Bank of America Corp DE now owns 898,697 shares of the financial services provider's stock worth $2,409,000 after purchasing an additional 186,567 shares during the period. Finally, Equitable Holdings Inc. grew its position in MFS Intermediate Income Trust by 20.8% during the 4th quarter. Equitable Holdings Inc. now owns 701,847 shares of the financial services provider's stock worth $1,832,000 after purchasing an additional 121,083 shares during the last quarter. Hedge funds and other institutional investors own 50.90% of the company's stock.

About MFS Intermediate Income Trust

MFS Intermediate Income Trust NYSE: MIN is a closed-end management investment company that seeks to provide a high level of current income consistent with the preservation of capital. The Trust pursues its objective by investing primarily in a diversified portfolio of intermediate-duration fixed-income securities. Its holdings typically include investment-grade corporate bonds, mortgage- and asset-backed securities, and select non-investment-grade debt instruments. The Trust may employ leverage to enhance income potential and intends to distribute gains and interest earnings on a monthly basis.

The portfolio is managed by the fixed-income team at MFS Investment Management, a global asset manager founded in 1924 and headquartered in Boston, Massachusetts.

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