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

Key Points

• PIMCO High Income Fund shares hit a new 52-week low, falling to $4.04 and trading below both its 50-day and 200-day moving averages.
• The fund declared a monthly dividend of $0.048 per share, equivalent to approximately $0.58 annually and a 14.2% yield.
• Director David C. Flattum bought 60,204 shares for roughly $249,245, while institutional investors own 11.75% of the fund.

PIMCO High Income Fund (NYSE:PHK - Get Free Report) shares reached a new 52-week low on Wednesday. The company traded as low as $4.04 and last traded at $4.0450, with a volume of 281,419 shares changing hands. The stock had previously closed at $4.12.

PIMCO High Income Fund Price Performance

The business's 50-day simple moving average is $4.39 and its two-hundred day simple moving average is $4.54.

PIMCO High Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Tuesday, October 13th will be issued a $0.0480 dividend. This represents a $0.58 dividend on an annualized basis and a yield of 14.2%. The ex-dividend date of this dividend is Tuesday, October 13th.

Insider Buying and Selling at PIMCO High Income Fund

In related news, Director David C. Flattum bought 60,204 shares of PIMCO High Income Fund stock in a transaction that occurred on Tuesday, October 6th. The shares were acquired at an average cost of $4.14 per share, for a total transaction of $249,244.56. Following the completion of the acquisition, the director directly owned 60,204 shares of the company's stock, valued at approximately $249,244.56. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Highland Investment Advisors LLC bought a new position in PIMCO High Income Fund during the second quarter worth $47,000. Wedbush Securities Inc. bought a new stake in PIMCO High Income Fund during the second quarter valued at $209,000. Bank of New York Mellon Corp bought a new stake in PIMCO High Income Fund during the second quarter valued at $48,000. Western Wealth Management LLC bought a new stake in PIMCO High Income Fund during the first quarter valued at $501,000. Finally, Bank of America Corp DE grew its holdings in PIMCO High Income Fund by 4.0% during the 1st quarter. Bank of America Corp DE now owns 1,247,814 shares of the investment management company's stock worth $5,777,000 after acquiring an additional 48,233 shares during the period. 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 fund managed by Pacific Investment Management Company LLC (PIMCO), a global investment management firm. The fund's primary objective is to seek high current income for its shareholders, with capital appreciation as a secondary objective.

The fund invests primarily in a diversified portfolio of fixed-income securities, including corporate bonds, loans, mortgage-related instruments, government and sovereign debt, and other income-producing credit investments.

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