Putnam Premier Income Trust (NYSE:PPT) Sees Significant Decline in Short Interest

Key Points

• Short interest in Putnam Premier Income Trust decreased by 27.8% from July 15th to July 31st, lowering to 122,300 shares.
• Hedge funds have recently shown increased interest, with notable purchases from Sit Investment Associates Inc. and others, bringing institutional ownership to 42.79%.
• The trust has announced a dividend of $0.026 per share, which will be paid on August 29th, representing a remarkable yield of 846.0%.

Putnam Premier Income Trust (NYSE:PPT - Get Free Report) was the target of a large decrease in short interest in July. As of July 31st, there was short interest totaling 122,300 shares, adecreaseof27.8% from the July 15th total of 169,500 shares. Approximately0.1% of the shares of the stock are sold short. Based on an average daily volume of 197,800 shares, the days-to-cover ratio is presently 0.6 days. Based on an average daily volume of 197,800 shares, the days-to-cover ratio is presently 0.6 days. Approximately0.1% of the shares of the stock are sold short.

Putnam Premier Income Trust Price Performance

PPT stock traded up $0.0050 during trading on Friday, reaching $3.6550. 157,864 shares of the company were exchanged, compared to its average volume of 160,529. The company has a 50-day moving average of $3.66 and a two-hundred day moving average of $3.62. Putnam Premier Income Trust has a twelve month low of $3.40 and a twelve month high of $3.74.

Putnam Premier Income Trust Announces Dividend

The business also recently disclosed a dividend, which will be paid on Friday, August 29th. Investors of record on Tuesday, August 19th will be given a dividend of $0.026 per share. This represents a yield of 846.0%. The ex-dividend date is Monday, August 18th.

Hedge Funds Weigh In On Putnam Premier Income Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sit Investment Associates Inc. increased its position in Putnam Premier Income Trust by 5.0% in the 1st quarter. Sit Investment Associates Inc. now owns 22,981,484 shares of the investment management company's stock valued at $82,963,000 after acquiring an additional 1,104,572 shares during the period. 1607 Capital Partners LLC increased its position in Putnam Premier Income Trust by 11.7% in the 1st quarter. 1607 Capital Partners LLC now owns 2,190,650 shares of the investment management company's stock valued at $7,908,000 after acquiring an additional 229,277 shares during the period. Invesco Ltd. increased its position in Putnam Premier Income Trust by 1.1% in the 1st quarter. Invesco Ltd. now owns 1,166,601 shares of the investment management company's stock valued at $4,211,000 after acquiring an additional 12,266 shares during the period. Janney Montgomery Scott LLC increased its position in Putnam Premier Income Trust by 2.9% in the 2nd quarter. Janney Montgomery Scott LLC now owns 677,347 shares of the investment management company's stock valued at $2,486,000 after acquiring an additional 19,161 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Putnam Premier Income Trust in the 4th quarter valued at approximately $2,128,000. 42.79% of the stock is currently owned by institutional investors and hedge funds.

Putnam Premier Income Trust Company Profile

Putnam Premier Income Trust is a closed ended fixed income mutual fund launched and managed by Putnam Investment Management, LLC. The fund is co-managed by Putnam Investments Limited. It invests in the public fixed income markets across the globe. The fund primarily invests in U.S. high-grade and high-yield bonds with an average credit quality of BBB by S&P Corporation.