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

Key Points

• PHK hit a new 52-week low, trading as low as $4.01 on Thursday and closing around $4.03, down 1.6% from its prior close of $4.10.
• The fund declared a monthly dividend of $0.048 per share, equivalent to about $0.58 annually and a 14.3% yield at the reported price.
• Director David C. Flattum bought 60,204 shares at an average price of $4.14, while institutional investors and hedge funds own 11.75% of the fund.

PIMCO High Income Fund (NYSE:PHK - Get Free Report) reached a new 52-week low on Thursday. The stock traded as low as $4.01 and last traded at $4.0260, with a volume of 1,180,783 shares changing hands. The stock had previously closed at $4.10.

PIMCO High Income Fund Stock Down 1.6%

The company's 50 day moving average price is $4.18 and its 200 day moving average price is $4.55.

PIMCO High Income Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be paid a $0.0480 dividend. The ex-dividend date is Friday, November 13th. This represents a $0.58 dividend on an annualized basis and a yield of 14.3%.

Insider Activity at PIMCO High Income Fund

In other PIMCO High Income Fund news, Director David C. Flattum bought 60,204 shares of the business's stock in a transaction dated Tuesday, October 6th. The shares were acquired at an average price of $4.14 per share, with a total value of $249,244.56. Following the transaction, the director owned 60,204 shares of the company's stock, valued at approximately $249,244.56. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Institutional Trading of PIMCO High Income Fund

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of America Corp DE grew its stake 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 valued at $5,777,000 after purchasing an additional 48,233 shares during the last quarter. Cetera Investment Advisers lifted its stake 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 during the period. GraniteShares Advisors LLC boosted its holdings in shares of PIMCO High Income Fund by 1.6% in the third quarter. GraniteShares Advisors LLC now owns 589,959 shares of the investment management company's stock valued at $2,419,000 after acquiring an additional 9,123 shares in the last quarter. Shaker Financial Services LLC increased its stake in shares of PIMCO High Income Fund by 158.3% during the third 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. Finally, RFG Advisory LLC acquired a new position in shares of PIMCO High Income Fund during the second quarter worth about $1,821,000. Institutional investors and hedge funds own 11.75% of the company's stock.

PIMCO High Income Fund Company Profile

PIMCO High Income Fund is a closed-end investment fund managed by Pacific Investment Management Company (PIMCO). Launched in 2003, the fund seeks to provide high current income, with capital appreciation as a secondary objective. The fund invests in a diversified portfolio of income-producing securities, with an emphasis on below-investment-grade corporate debt. Its holdings may also include other fixed-income securities, including debt from emerging markets and mortgage-related investments. PIMCO's portfolio management team oversees the fund's investments, which may span U.S. and international markets.

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