Short Interest in Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) Expands By 87.2%

Key Points

• Short interest in the Western Asset Investment Grade Income Fund increased by 87.2% in September, rising from 3,900 to 7,300 shares.
• Hedge funds have been actively trading the fund, with CWM LLC increasing its holdings by 760.9% during the third quarter.
• The fund recently declared a monthly dividend of $0.0525 per share, set to be paid on December 1st, which provides an annualized yield of 5.0%.

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI - ) was the target of a large growth in short interest during the month of September. As of September 30th, there was short interest totaling 7,300 shares, a growth of 87.2% from the September 15th total of 3,900 shares. Based on an average trading volume of 15,000 shares, the short-interest ratio is currently 0.5 days. Based on an average trading volume of 15,000 shares, the short-interest ratio is currently 0.5 days.

Institutional Trading of Western Asset Investment Grade Income Fund

Hedge funds have recently added to or reduced their stakes in the company. CWM LLC boosted its holdings in Western Asset Investment Grade Income Fund by 760.9% during the third quarter. CWM LLC now owns 3,960 shares of the financial services provider's stock worth $51,000 after buying an additional 3,500 shares in the last quarter. Bank of America Corp DE boosted its holdings in Western Asset Investment Grade Income Fund by 35.3% during the fourth quarter. Bank of America Corp DE now owns 8,694 shares of the financial services provider's stock worth $109,000 after buying an additional 2,267 shares in the last quarter. Focus Partners Advisor Solutions LLC purchased a new stake in Western Asset Investment Grade Income Fund during the second quarter worth $143,000. Shaker Financial Services LLC purchased a new stake in Western Asset Investment Grade Income Fund during the second quarter worth $145,000. Finally, Martin Capital Partners LLC boosted its holdings in Western Asset Investment Grade Income Fund by 97.3% during the second quarter. Martin Capital Partners LLC now owns 22,750 shares of the financial services provider's stock worth $295,000 after buying an additional 11,219 shares in the last quarter. 18.99% of the stock is owned by hedge funds and other institutional investors.

Western Asset Investment Grade Income Fund Stock Down 0.2%

Shares of PAI stock traded down $0.03 during trading hours on Wednesday, hitting $12.58. The company's stock had a trading volume of 5,351 shares, compared to its average volume of 29,639. The company has a 50 day moving average of $12.73 and a 200 day moving average of $12.58. Western Asset Investment Grade Income Fund has a 12-month low of $11.41 and a 12-month high of $13.66.

Western Asset Investment Grade Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, December 1st. Investors of record on Thursday, November 20th will be issued a dividend of $0.0525 per share. The ex-dividend date of this dividend is Thursday, November 20th. This represents a c) dividend on an annualized basis and a yield of 5.0%.

Western Asset Investment Grade Income Fund Company Profile

Western Asset Income Fund is a closed-ended fixed income mutual fund launched and managed by Western Asset Management Company. It is co-managed by Western Asset Management Company Limited. The fund invests in the fixed income markets of the United States. It primarily invests in investment grade debt, including government securities, bank debt, commercial paper, and cash or cash equivalents.

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