MFS Investment Grade Municipal Trust (NYSE:CXH) Sees Large Decrease in Short Interest

Key Points

• Short interest in MFS Investment Grade Municipal Trust decreased by 57.0% in August, dropping from 16,500 shares to 7,100 shares.
• The company's monthly dividend of $0.034 will be paid on September 30th, with a dividend yield of 5.2% based on current stock prices.
• Several institutional investors increased their stakes in the trust, including Bank of New York Mellon Corp, which lifted its position by 8.2% during the first quarter.

MFS Investment Grade Municipal Trust (NYSE:CXH - Get Free Report) was the target of a large decrease in short interest during the month of August. As of August 31st, there was short interest totaling 7,100 shares, a decrease of 57.0% from the August 15th total of 16,500 shares. Based on an average trading volume of 30,400 shares, the days-to-cover ratio is currently 0.2 days. Approximately 0.1% of the company's stock are sold short. Approximately 0.1% of the company's stock are sold short. Based on an average trading volume of 30,400 shares, the days-to-cover ratio is currently 0.2 days.

Institutional Investors Weigh In On MFS Investment Grade Municipal Trust

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE boosted its holdings in MFS Investment Grade Municipal Trust by 11.9% in the second quarter. Bank of America Corp DE now owns 17,500 shares of the company's stock valued at $134,000 after acquiring an additional 1,860 shares during the last quarter. American National Bank & Trust acquired a new position in MFS Investment Grade Municipal Trust in the second quarter valued at $153,000. Bank of New York Mellon Corp boosted its holdings in MFS Investment Grade Municipal Trust by 8.2% in the first quarter. Bank of New York Mellon Corp now owns 75,105 shares of the company's stock valued at $595,000 after acquiring an additional 5,703 shares during the last quarter. Thomas J. Herzfeld Advisors Inc. boosted its holdings in MFS Investment Grade Municipal Trust by 24.2% in the first quarter. Thomas J. Herzfeld Advisors Inc. now owns 120,541 shares of the company's stock valued at $955,000 after acquiring an additional 23,453 shares during the last quarter. Finally, Sit Investment Associates Inc. boosted its holdings in MFS Investment Grade Municipal Trust by 2.2% in the first quarter. Sit Investment Associates Inc. now owns 572,689 shares of the company's stock valued at $4,536,000 after acquiring an additional 12,143 shares during the last quarter.

MFS Investment Grade Municipal Trust Stock Up 0.6%

MFS Investment Grade Municipal Trust stock traded up $0.05 during mid-day trading on Thursday, reaching $7.92. 21,609 shares of the company were exchanged, compared to its average volume of 21,190. MFS Investment Grade Municipal Trust has a twelve month low of $7.34 and a twelve month high of $8.36. The firm's 50-day simple moving average is $7.53 and its two-hundred day simple moving average is $7.65.

MFS Investment Grade Municipal Trust Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 16th will be given a dividend of $0.034 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a c) annualized dividend and a yield of 5.2%.

MFS Investment Grade Municipal Trust Company Profile

MFS Investment Grade Municipal is a close ended fixed income mutual fund launched and managed by Massachusetts Financial Services Company. The fund invests in fixed income markets of the United States. It primarily invests in tax-exempt bonds and tax-exempt notes. The fund benchmarks the performance of its portfolio against Barclays Municipal Bond Index.