Short Interest in Putnam Premier Income Trust (NYSE:PPT) Expands By 232.3%

Key Points

• Short interest in Putnam Premier Income Trust (NYSE:PPT) surged 232.3% in July, rising to 52,128 shares from 15,689 shares at the end of June.
• The fund’s shares were trading around $3.38, near their 52-week low, while the monthly trading volume was well above average.
• Putnam Premier Income Trust announced a monthly dividend of $0.026 per share, payable August 31, implying an annualized yield of about 9.2%.

Putnam Premier Income Trust (NYSE:PPT - Get Free Report) saw a large growth in short interest in July. As of July 15th, there was short interest totaling 52,128 shares, a growth of 232.3% from the June 30th total of 15,689 shares. Based on an average daily trading volume, of 82,230 shares, the days-to-cover ratio is currently 0.6 days. Approximately 0.1% of the shares of the company are short sold.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mirador Capital Partners LP boosted its stake in Putnam Premier Income Trust by 33.4% in the 2nd quarter. Mirador Capital Partners LP now owns 123,623 shares of the investment management company's stock worth $431,000 after purchasing an additional 30,983 shares during the period. Quad Cities Investment Group LLC increased its holdings in Putnam Premier Income Trust by 10.7% in the 2nd quarter. Quad Cities Investment Group LLC now owns 273,312 shares of the investment management company's stock valued at $954,000 after acquiring an additional 26,347 shares during the last quarter. Oder Investment Management LLC increased its holdings in Putnam Premier Income Trust by 5.4% in the 1st quarter. Oder Investment Management LLC now owns 74,587 shares of the investment management company's stock valued at $265,000 after acquiring an additional 3,795 shares during the last quarter. Summit Securities Group LLC purchased a new stake in Putnam Premier Income Trust in the 1st quarter worth $29,000. Finally, Janney Montgomery Scott LLC lifted its stake in Putnam Premier Income Trust by 9.6% in the 1st quarter. Janney Montgomery Scott LLC now owns 774,899 shares of the investment management company's stock worth $2,751,000 after purchasing an additional 67,945 shares in the last quarter. Institutional investors own 42.79% of the company's stock.

Putnam Premier Income Trust Price Performance

PPT traded down $0.03 during midday trading on Friday, hitting $3.38. 250,963 shares of the company traded hands, compared to its average volume of 87,251. The company's 50-day moving average is $3.44 and its 200 day moving average is $3.52. Putnam Premier Income Trust has a 52 week low of $3.38 and a 52 week high of $3.77.

Putnam Premier Income Trust Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 24th will be issued a dividend of $0.026 per share. This represents a c) annualized dividend and a dividend yield of 9.2%. The ex-dividend date of this dividend is Monday, August 24th.

Putnam Premier Income Trust Company Profile

Putnam Premier Income Trust NYSE: PPT is a diversified closed-end management investment company that seeks to provide current income with a secondary objective of capital appreciation. The trust pursues income through a portfolio of domestic and international fixed-income and equity securities, including high-yield corporate bonds, investment-grade debt, preferred securities and dividend-paying stocks. Its investment strategy emphasizes diversification across credit quality, sector and geography to balance income generation with risk management.

The fund employs leverage, including borrowing and preferred shares, to enhance its income potential within regulatory limits.

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