Short Interest in High Income Securities Fund (NYSE:PCF) Decreases By 23.6%

Key Points

• Short interest in High Income Securities Fund (NYSE:PCF) declined 23.6% to 17,546 shares as of March 13, equal to about 0.1% of shares outstanding and a days-to-cover ratio of 0.1.
• Insider Phillip Goldstein purchased 17,905 shares on March 18 at $5.46, boosting his stake to 41,353 shares (a 76.36% increase); insiders bought 37,047 shares in the past three months and now own 1.60% of the company.
• PCF declared a monthly dividend of $0.058 payable March 31 (ex-dividend and record date March 17), representing an annualized yield of about 12.7%.

High Income Securities Fund (NYSE:PCF - Get Free Report) was the recipient of a significant decline in short interest in March. As of March 13th, there was short interest totaling 17,546 shares, a decline of 23.6% from the February 26th total of 22,958 shares. Approximately 0.1% of the company's stock are short sold. Based on an average trading volume of 118,664 shares, the days-to-cover ratio is currently 0.1 days.

Insider Activity at High Income Securities Fund

In other High Income Securities Fund news, insider Phillip Goldstein purchased 17,905 shares of the stock in a transaction dated Wednesday, March 18th. The stock was purchased at an average price of $5.46 per share, with a total value of $97,761.30. Following the transaction, the insider owned 41,353 shares of the company's stock, valued at approximately $225,787.38. This trade represents a 76.36% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have bought 37,047 shares of company stock valued at $213,733. Insiders own 1.60% of the company's stock.

Institutional Trading of High Income Securities Fund

A number of institutional investors have recently modified their holdings of the company. Integrity Advisory Solutions LLC bought a new position in shares of High Income Securities Fund during the 3rd quarter worth approximately $71,000. XTX Topco Ltd acquired a new stake in High Income Securities Fund in the fourth quarter valued at approximately $71,000. Kovack Advisors Inc. acquired a new stake in High Income Securities Fund in the fourth quarter valued at approximately $91,000. Benjamin Edwards Inc. purchased a new position in High Income Securities Fund in the third quarter worth $98,000. Finally, Tactive Advisors LLC purchased a new position in High Income Securities Fund in the second quarter worth $101,000. 16.64% of the stock is currently owned by institutional investors.

High Income Securities Fund Stock Down 0.2%

Shares of NYSE PCF opened at $5.48 on Friday. High Income Securities Fund has a 12-month low of $5.36 and a 12-month high of $6.67. The stock's fifty day simple moving average is $5.91 and its two-hundred day simple moving average is $6.12.

High Income Securities Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be issued a $0.058 dividend. The ex-dividend date is Tuesday, March 17th. This represents a c) dividend on an annualized basis and a yield of 12.7%.

About High Income Securities Fund

High Income Securities Fund NYSE: PCF is a closed-end management investment company dedicated to delivering a high level of total return, with an emphasis on current income. The fund invests primarily in a diversified portfolio of below-investment-grade debt securities, including corporate high-yield bonds, bank loans and other fixed-income instruments. While the majority of its holdings are denominated in U.S. dollars, the fund may also invest in non-U.S. issuers and currency exposures as part of its global credit strategy.

To pursue its objectives, PCF may employ leverage in the form of borrowings and preferred stock issuance, enhancing its capacity to generate income but also introducing additional risk.

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