Short Interest in MFS Investment Grade Municipal Trust (NYSE:CXH) Expands By 75.5%

Key Points

• Short interest in MFS Investment Grade Municipal Trust (NYSE: CXH) surged by 75.5% in August, rising from 9,400 shares to 16,500 shares.
• Several institutional investors have either increased their stakes or established new positions in CXH, with Raymond James Financial purchasing a stake valued at $230,000 in Q4.
• The company announced a monthly dividend of $0.034 per share, to be paid on September 30th, providing an annualized yield of 5.4%.

MFS Investment Grade Municipal Trust (NYSE:CXH - Get Free Report) was the target of a significant growth in short interest during the month of August. As of August 15th, there was short interest totaling 16,500 shares, a growth of 75.5% from the July 31st total of 9,400 shares. Based on an average daily volume of 30,600 shares, the short-interest ratio is currently 0.5 days. Based on an average daily volume of 30,600 shares, the short-interest ratio is currently 0.5 days.

Hedge Funds Weigh In On MFS Investment Grade Municipal Trust

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE increased its stake in MFS Investment Grade Municipal Trust by 11.9% in the 2nd quarter. Bank of America Corp DE now owns 17,500 shares of the company's stock worth $134,000 after purchasing an additional 1,860 shares during the period. American National Bank & Trust bought a new position in shares of MFS Investment Grade Municipal Trust in the second quarter worth approximately $153,000. Raymond James Financial Inc. purchased a new position in shares of MFS Investment Grade Municipal Trust in the fourth quarter worth $230,000. Bank of New York Mellon Corp increased its stake in shares of 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 worth $595,000 after buying an additional 5,703 shares during the period. Finally, Thomas J. Herzfeld Advisors Inc. raised its holdings in MFS Investment Grade Municipal Trust by 24.2% during the 1st quarter. Thomas J. Herzfeld Advisors Inc. now owns 120,541 shares of the company's stock valued at $955,000 after buying an additional 23,453 shares during the last quarter.

MFS Investment Grade Municipal Trust Stock Performance

NYSE CXH traded up $0.06 during trading on Thursday, hitting $7.86. 16,201 shares of the company's stock traded hands, compared to its average volume of 20,060. The stock has a fifty day moving average of $7.50 and a two-hundred day moving average of $7.66. MFS Investment Grade Municipal Trust has a 12-month low of $7.34 and a 12-month high of $8.36.

MFS Investment Grade Municipal Trust Announces Dividend

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

About MFS Investment Grade Municipal Trust

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.