Short Interest in MFS Investment Grade Municipal Trust (NYSE:CXH) Grows By 18.1%

Key Points

• Short interest in MFS Investment Grade Municipal Trust rose 18.1% to 43,155 shares as of Feb. 27, representing about 0.5% of shares and a short-interest ratio of 4.3 days.
• The trust declared a monthly dividend of $0.034 per share (ex-dividend and record date Mar. 17, payable Mar. 31), implying an annualized yield of roughly 5.0%.
• Several institutional investors initiated or increased positions recently, including Bank of America raising its stake to 17,500 shares, indicating modest institutional interest in the fund.

MFS Investment Grade Municipal Trust (NYSE:CXH - Get Free Report) was the recipient of a large growth in short interest in February. As of February 27th, there was short interest totaling 43,155 shares, a growth of 18.1% from the February 12th total of 36,552 shares. Approximately 0.5% of the company's shares are short sold. Based on an average daily volume of 10,130 shares, the short-interest ratio is presently 4.3 days. Based on an average daily volume of 10,130 shares, the short-interest ratio is presently 4.3 days. Approximately 0.5% of the company's shares are short sold.

MFS Investment Grade Municipal Trust Stock Down 0.5%

CXH stock traded down $0.04 on Tuesday, reaching $8.21. 8,633 shares of the company traded hands, compared to its average volume of 24,259. MFS Investment Grade Municipal Trust has a one year low of $7.34 and a one year high of $8.39. The firm has a fifty day simple moving average of $8.12 and a 200-day simple moving average of $7.98.

MFS Investment Grade Municipal Trust Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 17th will be given a dividend of $0.034 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a c) annualized dividend and a dividend yield of 5.0%.

Hedge Funds Weigh In On MFS Investment Grade Municipal Trust

Hedge funds and other institutional investors have recently modified their holdings of the stock. Center for Financial Planning Inc. purchased a new stake in shares of MFS Investment Grade Municipal Trust during the 3rd quarter valued at about $36,000. Evolve Private Wealth LLC purchased a new stake in shares of MFS Investment Grade Municipal Trust during the fourth quarter valued at $123,000. Closed End Fund Advisors Inc. purchased a new stake in MFS Investment Grade Municipal Trust in the 4th quarter valued at about $123,000. Susquehanna International Group LLP bought a new position in MFS Investment Grade Municipal Trust in the third quarter worth approximately $124,000. Finally, Bank of America Corp DE increased its stake in shares of MFS Investment Grade Municipal Trust by 11.9% during the second quarter. Bank of America Corp DE now owns 17,500 shares of the company's stock valued at $134,000 after buying an additional 1,860 shares during the period.

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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