Short Interest in MFS Investment Grade Municipal Trust (NYSE:CXH) Drops By 19.2%

Key Points

• Short interest fell 19.2% to 31,018 shares as of April 15, representing about 0.4% of shares short and a short-interest ratio of 0.5 days, indicating a notable decline in bearish positioning.
• Monthly dividend announced: the trust declared a $0.034 monthly payout (ex-dividend and record date April 14) payable April 30, implying an annualized yield of about 4.9%.
• Shares trading near yearly highs at $8.35 with heavy intraday volume (272,410 vs. average 73,772) and 50-/200-day SMAs of $8.21 and $8.07, respectively, within a 52-week range of $7.34–$8.42.

MFS Investment Grade Municipal Trust (NYSE:CXH - Get Free Report) was the target of a significant decline in short interest during the month of April. As of April 15th, there was short interest totaling 31,018 shares, a decline of 19.2% from the March 31st total of 38,382 shares. Currently, 0.4% of the company's stock are short sold. Based on an average daily trading volume, of 57,817 shares, the short-interest ratio is currently 0.5 days.

Institutional Trading of MFS Investment Grade Municipal Trust

Several institutional investors and hedge funds have recently bought and sold shares of the business. Center for Financial Planning Inc. acquired a new position in shares of MFS Investment Grade Municipal Trust during the 3rd quarter worth approximately $36,000. Closed End Fund Advisors Inc. bought a new position in MFS Investment Grade Municipal Trust during the fourth quarter worth $123,000. Evolve Private Wealth LLC acquired a new position in shares of MFS Investment Grade Municipal Trust in the fourth quarter valued at $123,000. Susquehanna International Group LLP acquired a new position in shares of MFS Investment Grade Municipal Trust in the third quarter valued at $124,000. Finally, Bank of America Corp DE raised its position in shares of 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 purchasing an additional 1,860 shares during the period.

MFS Investment Grade Municipal Trust Stock Performance

CXH stock traded up $0.01 during trading hours on Thursday, reaching $8.35. The stock had a trading volume of 272,410 shares, compared to its average volume of 73,772. The stock has a 50-day simple moving average of $8.21 and a 200 day simple moving average of $8.07. MFS Investment Grade Municipal Trust has a fifty-two week low of $7.34 and a fifty-two week high of $8.42.

MFS Investment Grade Municipal Trust Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Thursday, April 30th. Investors of record on Tuesday, April 14th will be paid a $0.034 dividend. This represents a c) annualized dividend and a yield of 4.9%. The ex-dividend date is Tuesday, April 14th.

MFS Investment Grade Municipal Trust Company Profile

MFS Investment Grade Municipal Trust NYSE: CXH is a non-diversified, closed-end management investment company that seeks to provide shareholders with current income exempt from federal income taxes. Trading on the New York Stock Exchange since its inception in 1982, the fund primarily acquires investment-grade municipal securities, including general obligation and revenue bonds issued by states, municipalities and public authorities across the United States.

The trust's portfolio is constructed to balance credit quality and yield, focusing on bonds rated BBB or higher by nationally recognized rating agencies.

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