Western Asset Municipal High Income Fund (NYSE:MHF) Shares Cross Below 50 Day Moving Average - Here's What Happened

Key Points

• Shares fell below their 50-day moving average of $6.81, trading as low as $6.39 before closing at $6.4340 on volume of 77,404 shares.
• The fund announced a monthly dividend of $0.034 per share, payable November 30 to shareholders of record November 20, representing a stated 6.3% annualized yield.
• Several institutional investors recently increased or initiated positions in MHF, while the fund continues to focus on federally tax-exempt municipal securities, including potentially higher-risk below-investment-grade and unrated bonds.

Western Asset Municipal High Income Fund Inc. (NYSE:MHF - Get Free Report)'s share price passed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $6.81 and traded as low as $6.39. Western Asset Municipal High Income Fund shares last traded at $6.4340, with a volume of 77,404 shares changing hands.

Western Asset Municipal High Income Fund Price Performance

The stock has a 50 day moving average of $6.81 and a 200 day moving average of $6.88.

Western Asset Municipal High Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Friday, November 20th will be issued a $0.034 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date is Friday, November 20th.

Hedge Funds Weigh In On Western Asset Municipal High Income Fund

A number of large investors have recently modified their holdings of the company. Bank of America Corp DE purchased a new stake in shares of Western Asset Municipal High Income Fund in the 2nd quarter valued at $4,105,000. Royal Bank of Canada raised its position in Western Asset Municipal High Income Fund by 441.2% in the 1st quarter. Royal Bank of Canada now owns 50,356 shares of the financial services provider's stock worth $349,000 after purchasing an additional 41,052 shares during the period. 49 Wealth Management LLC purchased a new position in Western Asset Municipal High Income Fund in the 2nd quarter worth $255,000. Northwestern Mutual Wealth Management Co. bought a new stake in Western Asset Municipal High Income Fund in the second quarter worth $242,000. Finally, Fortitude Advisory Group L.L.C. lifted its stake in Western Asset Municipal High Income Fund by 20.5% in the fourth quarter. Fortitude Advisory Group L.L.C. now owns 27,652 shares of the financial services provider's stock worth $190,000 after purchasing an additional 4,702 shares during the last quarter.

Western Asset Municipal High Income Fund Company Profile

Western Asset Municipal High Income Fund, Inc NYSE: MHF is a closed-end investment fund that seeks to provide a high level of current income exempt from regular U.S. federal income tax. The fund invests primarily in municipal securities issued by states, cities, counties, and other public-sector entities in the United States.

As a high-income municipal bond fund, MHF may invest in below-investment-grade and unrated municipal obligations, which can offer greater income potential but generally involve higher credit and liquidity risks than higher-rated securities.

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