Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) Sees Large Drop in Short Interest

Key Points

• Short interest plunged by 52.5% to 3,093 shares as of March 31 (from 6,516 on March 15), leaving a short-interest ratio of just 0.3 days and effectively 0.0% of the stock shorted.
• The fund declared a monthly dividend of $0.0525 per share payable on May 29 with record/ex-dividend dates on May 21, implying an annualized yield of about 5.1%.
• Institutional ownership is meaningful at about 18.99%, with several firms (including Bank of America, Baird, CWM and Shaker Financial) materially increasing their positions in recent quarters.

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI - Get Free Report) was the target of a significant drop in short interest in March. As of March 31st, there was short interest totaling 3,093 shares, a drop of 52.5% from the March 15th total of 6,516 shares. Based on an average trading volume of 11,527 shares, the short-interest ratio is presently 0.3 days. Currently, 0.0% of the company's stock are short sold.

Western Asset Investment Grade Income Fund Trading Down 0.0%

Shares of NYSE:PAI opened at $12.25 on Friday. Western Asset Investment Grade Income Fund has a 1 year low of $11.72 and a 1 year high of $13.66. The business has a fifty day simple moving average of $12.41 and a 200 day simple moving average of $12.50.

Western Asset Investment Grade Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, May 29th. Investors of record on Thursday, May 21st will be issued a dividend of $0.0525 per share. This represents a c) annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Thursday, May 21st.

Institutional Trading of Western Asset Investment Grade Income Fund

Several hedge funds and other institutional investors have recently modified their holdings of PAI. Bank of America Corp DE raised its holdings in shares of 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 acquiring an additional 2,267 shares in the last quarter. Baird Financial Group Inc. raised its holdings in shares of Western Asset Investment Grade Income Fund by 85.4% during the second quarter. Baird Financial Group Inc. now owns 31,782 shares of the financial services provider's stock worth $413,000 after acquiring an additional 14,644 shares in the last quarter. CWM LLC raised 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 valued at $51,000 after buying an additional 3,500 shares in the last quarter. Shaker Financial Services LLC raised its holdings in Western Asset Investment Grade Income Fund by 413.8% during the third quarter. Shaker Financial Services LLC now owns 57,081 shares of the financial services provider's stock valued at $735,000 after buying an additional 45,971 shares in the last quarter. Finally, Wolverine Asset Management LLC bought a new position in Western Asset Investment Grade Income Fund during the third quarter valued at about $121,000. 18.99% of the stock is currently owned by hedge funds and other institutional investors.

Western Asset Investment Grade Income Fund Company Profile

Western Asset Investment Grade Income Fund NYSE: PAI is a diversified, closed-end management investment company that seeks to provide high current income with a secondary objective of capital preservation. Established in 2005, the fund invests primarily in investment-grade debt securities issued by governments, government agencies, corporate issuers and securitized products. It employs both traditional fixed-income strategies and opportunistic positions to enhance its income profile.

The fund's portfolio is broadly diversified across sectors and credit profiles, focusing on bonds rated investment-grade by major credit rating agencies.

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