PIMCO High Income Fund (NYSE:PHK) Hits New 1-Year Low - Here's What Happened

Key Points

• PIMCO High Income Fund shares hit a new 52-week low, falling to $4.04 during Thursday’s trading, below the previous close of $4.10.
• The fund declared a monthly dividend of $0.048 per share, equating to approximately $0.58 annually and a 14.1% yield.
• Institutional investors and hedge funds own 11.75% of PHK, with several major investors recently increasing their positions.

Shares of PIMCO High Income Fund (NYSE:PHK - Get Free Report) hit a new 52-week low during mid-day trading on Thursday. The stock traded as low as $4.04 and last traded at $4.0450, with a volume of 531131 shares trading hands. The stock had previously closed at $4.10.

PIMCO High Income Fund Stock Performance

The stock has a 50 day simple moving average of $4.48 and a 200 day simple moving average of $4.56.

PIMCO High Income Fund Dividend Announcement

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 paid a dividend of $0.0480 per share. This represents a $0.58 dividend on an annualized basis and a yield of 14.1%. The ex-dividend date is Friday, September 11th.

Institutional Trading of PIMCO High Income Fund

Several large investors have recently made changes to their positions in the company. Bank of America Corp DE lifted its stake in PIMCO High Income Fund by 4.0% during the first quarter. Bank of America Corp DE now owns 1,247,814 shares of the investment management company's stock worth $5,777,000 after purchasing an additional 48,233 shares during the last quarter. Cetera Investment Advisers boosted its stake in PIMCO High Income Fund by 6.9% in the first quarter. Cetera Investment Advisers now owns 941,248 shares of the investment management company's stock valued at $4,358,000 after buying an additional 60,403 shares in the last quarter. RFG Advisory LLC bought a new position in PIMCO High Income Fund in the second quarter valued at about $1,821,000. Baird Financial Group Inc. lifted its holdings in shares of PIMCO High Income Fund by 3.5% in the second quarter. Baird Financial Group Inc. now owns 178,530 shares of the investment management company's stock worth $832,000 after acquiring an additional 6,021 shares during the last quarter. Finally, Sanctuary Advisors LLC boosted its stake in shares of PIMCO High Income Fund by 14.0% in the 1st quarter. Sanctuary Advisors LLC now owns 127,114 shares of the investment management company's stock valued at $589,000 after purchasing an additional 15,628 shares in the last quarter. Institutional investors and hedge funds own 11.75% of the company's stock.

PIMCO High Income Fund Company Profile

PIMCO High Income Fund NYSE: PHK is a closed-end management investment company advised by Pacific Investment Management Company LLC (PIMCO). The fund seeks to provide a high level of current income, with capital appreciation as a secondary objective.

The fund invests primarily in a diversified portfolio of income-producing debt securities. These investments may include below-investment-grade corporate bonds, commonly known as high-yield or “junk” bonds, as well as other fixed-income instruments issued by companies and governments in the United States and international markets.

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