Putnam Premier Income Trust (NYSE:PPT) Stock Price Breaks Above Fifty Day Moving Average - Here's Why

Key Points

• Putnam Premier Income Trust shares rose 1.4%, trading as high as $3.34 and closing near $3.325 after moving above their 50-day moving average of $3.31.
• The trust declared a monthly dividend of $0.026 per share, equivalent to approximately $0.31 annually and a 9.4% yield. The ex-dividend date is November 20, with payment scheduled for November 30.
• Institutional investors own 42.79% of PPT, with several firms recently increasing their positions or acquiring new stakes.

Putnam Premier Income Trust (NYSE:PPT - Get Free Report) passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $3.31 and traded as high as $3.34. Putnam Premier Income Trust shares last traded at $3.3250, with a volume of 122,692 shares trading hands.

Putnam Premier Income Trust Trading Up 1.4%

The stock has a fifty day moving average price of $3.31 and a 200-day moving average price of $3.46.

Putnam Premier Income Trust Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Friday, November 20th will be given a dividend of $0.0260 per share. This represents a $0.31 dividend on an annualized basis and a yield of 9.4%. The ex-dividend date of this dividend is Friday, November 20th.

Institutional Investors Weigh In On Putnam Premier Income Trust

Several institutional investors have recently bought and sold shares of PPT. Pin Oak Investment Advisors Inc. acquired a new position in shares of Putnam Premier Income Trust during the 2nd quarter valued at $567,000. Janney Montgomery Scott LLC boosted its position in Putnam Premier Income Trust by 9.6% during the 1st quarter. Janney Montgomery Scott LLC now owns 774,899 shares of the investment management company's stock worth $2,751,000 after purchasing an additional 67,945 shares during the period. Mirador Capital Partners LP boosted its position in Putnam Premier Income Trust by 33.4% during the 2nd quarter. Mirador Capital Partners LP now owns 123,623 shares of the investment management company's stock worth $431,000 after purchasing an additional 30,983 shares during the period. Readystate Asset Management LP acquired a new stake in Putnam Premier Income Trust in the 2nd quarter valued at $93,000. Finally, Quad Cities Investment Group LLC increased its holdings in Putnam Premier Income Trust by 10.7% in the 2nd quarter. Quad Cities Investment Group LLC now owns 273,312 shares of the investment management company's stock valued at $954,000 after purchasing an additional 26,347 shares in the last quarter. 42.79% of the stock is currently owned by hedge funds and other institutional investors.

Putnam Premier Income Trust Company Profile

Putnam Premier Income Trust NYSE: PPT is a closed-end investment fund managed by Putnam Investment Management, LLC. The fund's primary objective is to provide a high level of current income, with capital appreciation as a secondary objective.

The trust invests primarily in income-producing fixed-income securities. Its portfolio may include corporate bonds, government and agency debt, mortgage- and asset-backed securities, high-yield bonds and obligations issued by companies and governments in the United States and other countries.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.