Pimco Corporate & Income Opportunity Fund (NYSE:PTY) Reaches New 52-Week Low - What's Next?

Key Points

• PTY fell 2.4% to a new 52-week low, trading as low as $11.06, below its 50-day and 200-day moving averages of $11.69 and $11.91, respectively.
• The fund declared a monthly dividend of $0.1188 per share, payable October 1 to shareholders of record September 11, representing an annualized yield of approximately 13.0%.
• Institutional investors increased their exposure, with hedge funds and other institutions now owning 10.25% of PTY; several firms established new positions during the first and second quarters.

Pimco Corporate & Income Opportunity Fund (NYSE:PTY - Get Free Report)'s share price reached a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $11.06 and last traded at $11.0890, with a volume of 578303 shares traded. The stock had previously closed at $11.25.

Pimco Corporate & Income Opportunity Fund Trading Down 2.4%

The firm has a fifty day moving average of $11.69 and a 200 day moving average of $11.91.

Pimco Corporate & Income Opportunity Fund Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Friday, September 11th. This represents a c) dividend on an annualized basis and a yield of 13.0%.

Hedge Funds Weigh In On Pimco Corporate & Income Opportunity Fund

Several institutional investors and hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. acquired a new position in Pimco Corporate & Income Opportunity Fund in the second quarter worth $32,763,000. Equitable Holdings Inc. bought a new position in Pimco Corporate & Income Opportunity Fund in the 2nd quarter worth about $6,654,000. Bank of America Corp DE acquired a new stake in Pimco Corporate & Income Opportunity Fund in the 2nd quarter valued at approximately $4,045,000. Ascentis Independent Advisors increased its holdings in shares of Pimco Corporate & Income Opportunity Fund by 109.5% during the first quarter. Ascentis Independent Advisors now owns 368,364 shares of the investment management company's stock valued at $4,442,000 after purchasing an additional 192,518 shares during the period. Finally, Beta Wealth Group Inc. acquired a new position in Pimco Corporate & Income Opportunity Fund during the 1st quarter valued at about $2,131,000. 10.25% of the stock is currently owned by hedge funds and other institutional investors.

About Pimco Corporate & Income Opportunity Fund

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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