Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) Short Interest Up 41.6% in March

Key Points

• Short interest jumped 41.6% in March to 6,516 shares (about 0.1% of the float), with a days-to-cover ratio of 0.4.
• The fund declared a monthly dividend of $0.0525 payable May 29 (record/ex-dividend date May 21), implying an annualized yield of about 5.3%.
• Institutional activity increased as several firms initiated or raised stakes—hedge funds and other institutions now own 18.99% of the company's stock.

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI - Get Free Report) saw a significant increase in short interest in March. As of March 13th, there was short interest totaling 6,516 shares, an increase of 41.6% from the February 26th total of 4,603 shares. Based on an average daily volume of 17,850 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.1% of the company's stock are sold short.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC acquired a new stake in Western Asset Investment Grade Income Fund during the 4th quarter worth approximately $32,000. CWM LLC increased its position in shares of 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 acquiring an additional 3,500 shares during the period. International Assets Investment Management LLC purchased a new stake in shares of Western Asset Investment Grade Income Fund during the fourth quarter worth $71,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Western Asset Investment Grade Income Fund by 4,791.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 6,848 shares of the financial services provider's stock valued at $85,000 after acquiring an additional 6,708 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in shares of Western Asset Investment Grade Income Fund by 35.3% in the fourth quarter. Bank of America Corp DE now owns 8,694 shares of the financial services provider's stock valued at $109,000 after acquiring an additional 2,267 shares in the last quarter. Hedge funds and other institutional investors own 18.99% of the company's stock.

Western Asset Investment Grade Income Fund Trading Down 0.7%

Western Asset Investment Grade Income Fund stock traded down $0.09 during mid-day trading on Friday, hitting $11.92. The company had a trading volume of 16,191 shares, compared to its average volume of 14,309. Western Asset Investment Grade Income Fund has a 12-month low of $11.41 and a 12-month high of $13.66. The company's fifty day moving average is $12.49 and its 200-day moving average is $12.55.

Western Asset Investment Grade Income Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Friday, May 29th. Stockholders of record on Thursday, May 21st will be given a $0.0525 dividend. The ex-dividend date is Thursday, May 21st. This represents a c) annualized dividend and a dividend yield of 5.3%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.