Pimco Corporate & Income Opportunity Fund (NYSE:PTY) Sees Large Volume Increase - Here's What Happened

Key Points

• Trading volume surged 62% for Pimco Corporate & Income Opportunity Fund shares, with roughly 1.9 million shares changing hands. The stock fell to $11.235 from a prior close of $11.43.
• 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 12.7%.
• Institutional investors adjusted their positions, including notable increases by Ascentis Independent Advisors and Main Street Group. Institutions and hedge funds collectively own 10.25% of PTY.

Pimco Corporate & Income Opportunity Fund (NYSE:PTY - Get Free Report) shares saw unusually-high trading volume on Monday . Approximately 1,901,275 shares traded hands during trading, an increase of 62% from the previous session's volume of 1,176,106 shares.The stock last traded at $11.2350 and had previously closed at $11.43.

Pimco Corporate & Income Opportunity Fund Stock Performance

The firm has a 50 day moving average of $11.79 and a two-hundred day moving average of $11.97.

Pimco Corporate & Income Opportunity Fund Announces Dividend

The business 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 dividend of $0.1188 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a c) dividend on an annualized basis and a yield of 12.7%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Independent Financial Group LLC purchased a new stake in Pimco Corporate & Income Opportunity Fund in the first quarter valued at $862,000. Main Street Group LTD grew its holdings in shares of Pimco Corporate & Income Opportunity Fund by 50.1% during the first quarter. Main Street Group LTD now owns 64,655 shares of the investment management company's stock worth $780,000 after purchasing an additional 21,577 shares during the last quarter. Stephens Inc. AR grew its holdings in shares of Pimco Corporate & Income Opportunity Fund by 12.9% during the first quarter. Stephens Inc. AR now owns 11,520 shares of the investment management company's stock worth $139,000 after purchasing an additional 1,320 shares during the last quarter. GHE LLC increased its position in shares of Pimco Corporate & Income Opportunity Fund by 5.6% during the first quarter. GHE LLC now owns 58,550 shares of the investment management company's stock worth $706,000 after purchasing an additional 3,100 shares in the last quarter. Finally, Ascentis Independent Advisors increased its position 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 worth $4,442,000 after purchasing an additional 192,518 shares in the last quarter. Institutional investors and hedge funds own 10.25% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.