Mfs Govt Mkts Shares Set to Reverse Split on Thursday, October 8th (NYSE:MGF)

Key Points

• MFS Government Markets Income Trust (NYSE: MGF) will execute a 1-for-5 reverse stock split after the market closes on Wednesday, October 7, with adjusted shares trading Thursday, October 8.
• The stock opened at $2.70, near its one-year low of $2.69, while its 50-day and 200-day moving averages stood at $2.82 and $2.86, respectively.
• The trust announced a monthly dividend of $0.02 per share, equivalent to $0.24 annually and an 8.9% yield; institutional investors and hedge funds own 54.77% of the company.

Shares of Mfs Govt Mkts (NYSE:MGF - Free Report) are set to reverse split on the morning of Thursday, October 8th. The 1-5 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the market closes on Wednesday, October 7th.

Mfs Govt Mkts Stock Performance

Shares of Mfs Govt Mkts stock opened at $2.70 on Friday. Mfs Govt Mkts has a one year low of $2.69 and a one year high of $3.13. The stock's 50-day moving average is $2.82 and its 200 day moving average is $2.86.

Mfs Govt Mkts Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 22nd will be issued a $0.02 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 8.9%. The ex-dividend date is Tuesday, September 22nd.

Institutional Trading of Mfs Govt Mkts

Several large investors have recently modified their holdings of the stock. 1607 Capital Partners LLC boosted its holdings in Mfs Govt Mkts by 5.0% during the second quarter. 1607 Capital Partners LLC now owns 2,392,698 shares of the company's stock worth $6,867,000 after purchasing an additional 113,961 shares during the last quarter. Rivernorth Capital Management LLC bought a new stake in Mfs Govt Mkts in the 1st quarter worth about $257,000. Citadel Advisors LLC increased its stake in Mfs Govt Mkts by 606.8% in the 2nd quarter. Citadel Advisors LLC now owns 75,970 shares of the company's stock valued at $218,000 after buying an additional 65,222 shares during the last quarter. TrueMark Investments LLC purchased a new stake in Mfs Govt Mkts in the 1st quarter valued at about $178,000. Finally, Private Advisor Group LLC lifted its position in shares of Mfs Govt Mkts by 3.6% during the 1st quarter. Private Advisor Group LLC now owns 1,425,641 shares of the company's stock worth $4,191,000 after buying an additional 49,552 shares in the last quarter. Institutional investors and hedge funds own 54.77% of the company's stock.

Mfs Govt Mkts Company Profile

MFS Government Markets Income Trust NYSE: MGF is a closed-end investment company managed by MFS Investment Management. The trust seeks to provide current income by investing primarily in securities issued or guaranteed by the U.S. government, its agencies and instrumentalities.

Its portfolio may include Treasury securities, agency securities and mortgage-backed securities, along with other fixed-income investments considered consistent with its investment objectives. The value and income of these holdings can be affected by changes in interest rates, credit conditions and prepayment activity.

The trust provides investors with access to a professionally managed portfolio focused on government-related fixed-income markets.

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