PIMCO High Income Fund (NYSE:PHK) Hits New 52-Week Low - Should You Sell?

Key Points

• PHK fell to a new 52-week low, trading as low as $4.38 and last changing hands at $4.396, down about 1% from the prior close. Its price remains below both its 50-day and 200-day moving averages.
• The fund announced a monthly dividend of $0.048 per share, representing an annualized yield of approximately 13.1%; the ex-dividend and record date is September 11, with payment scheduled for October 1.
• Institutional investors and hedge funds increased their positions in PHK, collectively owning 11.75% of the fund. PHK invests primarily in high-yield bonds, emerging-market debt, securitized products and leveraged loans to generate current income.

PIMCO High Income Fund (NYSE:PHK - Get Free Report)'s stock price reached a new 52-week low during trading on Friday . The stock traded as low as $4.38 and last traded at $4.3960, with a volume of 3421 shares trading hands. The stock had previously closed at $4.43.

PIMCO High Income Fund Trading Down 1.0%

The business has a 50-day moving average price of $4.61 and a two-hundred day moving average price of $4.63.

PIMCO High Income Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be given a $0.048 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a c) annualized dividend and a yield of 13.1%.

Hedge Funds Weigh In On PIMCO High Income Fund

Several hedge funds and other institutional investors have recently modified their holdings of PHK. LPL Financial LLC boosted its stake in PIMCO High Income Fund by 2.5% during the 4th quarter. LPL Financial LLC now owns 1,937,118 shares of the investment management company's stock valued at $9,414,000 after purchasing an additional 47,241 shares during the period. Osaic Holdings Inc. increased its position in PIMCO High Income Fund by 32.8% in the 4th quarter. Osaic Holdings Inc. now owns 1,661,772 shares of the investment management company's stock valued at $8,076,000 after acquiring an additional 410,137 shares during the period. UBS Group AG grew its stake in shares of PIMCO High Income Fund by 11.2% in the fourth quarter. UBS Group AG now owns 1,289,048 shares of the investment management company's stock worth $6,265,000 after purchasing an additional 130,086 shares in the last quarter. Invesco Ltd. grew its stake in shares of PIMCO High Income Fund by 4.3% in the third quarter. Invesco Ltd. now owns 1,279,467 shares of the investment management company's stock worth $6,385,000 after purchasing an additional 53,263 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of 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 valued at $5,777,000 after purchasing 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

The PIMCO High Income Fund NYSE: PHK is a closed-end management investment company that seeks to deliver high current income with a secondary focus on capital appreciation. The fund principally invests in a diversified portfolio of fixed-income securities, including corporate high-yield bonds, emerging market debt, securitized products and leveraged loans. PHK may also employ derivatives to enhance income and manage portfolio duration.

PHK's investment team pursues a benchmark-agnostic approach, allocating capital across credit sectors and global regions based on bottom-up credit analysis and macroeconomic outlooks.

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