Putnam Premier Income Trust (NYSE:PPT) Sees Significant Growth in Short Interest

Key Points

• Putnam Premier Income Trust saw a significant growth in short interest, rising 48.9% from July to August, with a total of 182,100 shares shorted by mid-August.
• The trust will pay a monthly dividend of $0.026 on October 31st to shareholders of record as of October 17th, reflecting an annual yield of 8.4%.
• Institutional ownership of Putnam Premier Income Trust is currently at 42.79%, with significant investments made by various hedge funds in recent quarters.

Putnam Premier Income Trust (NYSE:PPT - ) was the recipient of a significant growth in short interest during the month of August. As of August 15th, there was short interest totaling 182,100 shares, agrowthof48.9% from the July 31st total of 122,300 shares. Based on an average daily volume of 193,500 shares, the days-to-cover ratio is currently 0.9 days. Based on an average daily volume of 193,500 shares, the days-to-cover ratio is currently 0.9 days.

Institutional Investors Weigh In On Putnam Premier Income Trust

Hedge funds have recently added to or reduced their stakes in the stock. IFP Advisors Inc lifted its stake in Putnam Premier Income Trust by 138.0% in the first quarter. IFP Advisors Inc now owns 11,850 shares of the investment management company's stock valued at $43,000 after buying an additional 6,871 shares during the last quarter. Captrust Financial Advisors acquired a new position in shares of Putnam Premier Income Trust during the fourth quarter valued at $47,000. Baird Financial Group Inc. acquired a new position in shares of Putnam Premier Income Trust during the first quarter valued at $80,000. Ethos Financial Group LLC acquired a new position in shares of Putnam Premier Income Trust during the first quarter valued at $96,000. Finally, Citadel Advisors LLC acquired a new position in shares of Putnam Premier Income Trust during the fourth quarter valued at $110,000. 42.79% of the stock is currently owned by institutional investors.

Putnam Premier Income Trust Stock Performance

PPT traded up $0.01 during trading hours on Friday, hitting $3.70. 180,252 shares of the stock were exchanged, compared to its average volume of 184,906. The stock has a 50-day simple moving average of $3.67 and a 200-day simple moving average of $3.63. Putnam Premier Income Trust has a 12 month low of $3.40 and a 12 month high of $3.74.

Putnam Premier Income Trust Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, October 31st. Shareholders of record on Friday, October 17th will be paid a $0.026 dividend. This represents a c) dividend on an annualized basis and a yield of 8.4%. The ex-dividend date is Friday, October 17th.

About Putnam Premier Income Trust

Putnam Premier Income Trust is a closed ended fixed income mutual fund launched and managed by Putnam Investment Management, LLC. The fund is co-managed by Putnam Investments Limited. It invests in the public fixed income markets across the globe. The fund primarily invests in U.S. high-grade and high-yield bonds with an average credit quality of BBB by S&P Corporation.

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