Pimco Corporate & Income Opportunity Fund (NYSE:PTY) Reaches New 12-Month Low - Should You Sell?

Key Points

• PTY fell to a new 52-week low, trading as low as $10.65 compared with its previous close of $10.93. Its price is also below both its 50-day and 200-day moving averages.
• The fund declared a monthly dividend of $0.1188, equivalent to approximately $1.43 annually and a 13.3% yield; the ex-dividend date is September 11.
• Institutional ownership stands at 10.25%, with several firms increasing or initiating positions during the second quarter. PTY is a PIMCO-managed closed-end fund focused primarily on corporate debt and other income-producing securities.

Pimco Corporate & Income Opportunity Fund (NYSE:PTY - Get Free Report)'s share price hit a new 52-week low during trading on Monday. The company traded as low as $10.65 and last traded at $10.6650, with a volume of 636837 shares traded. The stock had previously closed at $10.93.

Pimco Corporate & Income Opportunity Fund Stock Performance

The business has a 50 day moving average price of $11.61 and a two-hundred day moving average price of $11.86.

Pimco Corporate & Income Opportunity Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be issued a $0.1188 dividend. This represents a $1.43 dividend on an annualized basis and a yield of 13.3%. The ex-dividend date of this dividend is Friday, September 11th.

Institutional Trading of Pimco Corporate & Income Opportunity Fund

A number of institutional investors have recently modified their holdings of PTY. AG Asset Advisory LLC grew its stake in shares of Pimco Corporate & Income Opportunity Fund by 8.0% in the second quarter. AG Asset Advisory LLC now owns 164,641 shares of the investment management company's stock worth $1,981,000 after purchasing an additional 12,243 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Pimco Corporate & Income Opportunity Fund during the 2nd quarter valued at approximately $160,000. Corient Private Wealth LP purchased a new stake in Pimco Corporate & Income Opportunity Fund in the 2nd quarter worth approximately $170,000. HighTower Advisors LLC lifted its holdings in Pimco Corporate & Income Opportunity Fund by 84.5% in the 2nd quarter. HighTower Advisors LLC now owns 127,516 shares of the investment management company's stock worth $1,534,000 after buying an additional 58,412 shares during the period. Finally, Ameritas Advisory Services LLC bought a new stake in shares of Pimco Corporate & Income Opportunity Fund in the 2nd quarter worth approximately $75,000. 10.25% of the stock is currently owned by hedge funds and other institutional investors.

Pimco Corporate & Income Opportunity Fund Company Profile

PIMCO Corporate & Income Opportunity Fund is a closed-end management investment company listed on the New York Stock Exchange under the symbol PTY. The fund is managed by Pacific Investment Management Company LLC (PIMCO), an investment manager specializing in fixed income and related asset classes.

The fund's primary investment objective is to provide high current income, with capital appreciation as a secondary objective. It invests in a diversified portfolio of corporate debt and other income-producing securities, which may include investment-grade and below-investment-grade bonds, bank loans, preferred securities and other fixed-income instruments.

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