Western Asset Investment Grade Income Fund (NYSE:PAI) Shares Cross Below Two Hundred Day Moving Average - What's Next?

Key Points

• PAI shares fell below their 200-day moving average of $11.96, trading as low as $11.24 before closing around $11.2750.
• The fund announced a monthly dividend of $0.0525 per share, equivalent to $0.63 annually and a 5.6% yield. The ex-dividend and record date is November 20.
• Institutional investors and hedge funds own approximately 18.99% of PAI, with several firms recently initiating or increasing positions.

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI - Get Free Report)'s share price passed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $11.96 and traded as low as $11.24. Western Asset Investment Grade Income Fund shares last traded at $11.2750, with a volume of 29,883 shares.

Western Asset Investment Grade Income Fund Trading Down 0.1%

The company has a fifty day moving average price of $11.70 and a two-hundred day moving average price of $11.96.

Western Asset Investment Grade Income Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Friday, November 20th will be issued a $0.0525 dividend. This represents a $0.63 annualized dividend and a yield of 5.6%. The ex-dividend date is Friday, November 20th.

Institutional Trading of Western Asset Investment Grade Income Fund

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Fifth Third Bancorp purchased a new position in shares of Western Asset Investment Grade Income Fund during the 1st quarter worth $30,000. Susquehanna International Group LLP grew its holdings in shares of Western Asset Investment Grade Income Fund by 16.0% in the second quarter. Susquehanna International Group LLP now owns 12,605 shares of the financial services provider's stock valued at $153,000 after purchasing an additional 1,734 shares during the period. Bank of America Corp DE purchased a new stake in shares of Western Asset Investment Grade Income Fund in the second quarter valued at about $240,000. Waverly Advisors LLC purchased a new stake in shares of Western Asset Investment Grade Income Fund in the second quarter valued at about $269,000. Finally, 1607 Capital Partners LLC increased its position in Western Asset Investment Grade Income Fund by 9.8% during the fourth quarter. 1607 Capital Partners LLC now owns 712,889 shares of the financial services provider's stock worth $8,897,000 after purchasing an additional 63,734 shares during the last quarter. 18.99% of the stock is owned by institutional investors and hedge funds.

Western Asset Investment Grade Income Fund Company Profile

Western Asset Investment Grade Income Fund, Inc NYSE: PAI is a closed-end investment company that seeks to provide current income while maintaining a portfolio focused primarily on investment-grade fixed-income securities. The fund is managed by Western Asset Management Company, a global fixed-income investment manager.

The fund invests across segments of the bond market, including corporate bonds, U.S. government and agency securities, mortgage-backed securities, asset-backed securities, and other investment-grade debt instruments.

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