PIMCO High Income Fund (NYSE:PHK) Hits New 1-Year Low - Time to Sell?

Key Points

• PIMCO High Income Fund shares hit a new 52-week low, trading as low as $4.01 and below both their 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 purchased 60,204 shares at an average price of $4.14, while institutional investors own 11.75% of the fund.

PIMCO High Income Fund (NYSE:PHK - Get Free Report)'s share price hit a new 52-week low during trading on Tuesday. The company traded as low as $4.01 and last traded at $4.0250, with a volume of 41,809 shares trading hands. The stock had previously closed at $4.03.

PIMCO High Income Fund Stock Up 0.6%

The business has a 50 day moving average of $4.34 and a 200 day moving average of $4.52.

PIMCO High Income Fund Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Tuesday, October 13th. This represents a $0.58 annualized dividend and a yield of 14.2%.

Insider Buying and Selling

In related news, Director David C. Flattum acquired 60,204 shares of the firm's stock in a transaction on Tuesday, October 6th. The stock was acquired at an average cost of $4.14 per share, for a total transaction of $249,244.56. Following the acquisition, the director owned 60,204 shares of the company's stock, valued at $249,244.56. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link.

Institutional Investors Weigh In On PIMCO High Income Fund

A number of large investors have recently modified their holdings of the stock. RFG Advisory LLC bought a new stake in PIMCO High Income Fund during the 2nd quarter valued at approximately $1,821,000. Shaker Financial Services LLC grew its holdings in shares of PIMCO High Income Fund by 158.3% during the 3rd quarter. Shaker Financial Services LLC now owns 516,772 shares of the investment management company's stock worth $2,119,000 after acquiring an additional 316,668 shares during the period. Western Wealth Management LLC bought a new position in shares of PIMCO High Income Fund in the 1st quarter worth approximately $501,000. Cetera Investment Advisers raised its position in shares of PIMCO High Income Fund by 6.9% in the 1st quarter. Cetera Investment Advisers now owns 941,248 shares of the investment management company's stock worth $4,358,000 after acquiring an additional 60,403 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of PIMCO High Income Fund by 4.0% in 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 in the last quarter. Institutional investors own 11.75% of the company's stock.

About PIMCO High Income Fund

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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