Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) Short Interest Update

Key Points

• Short interest in Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) increased by 95.0% in September, reaching a total of 3,900 shares by September 15th.
• Institutional investors and hedge funds currently own 18.99% of the stock, with significant stakes acquired by SeaBridge Investment Advisors, Baird Financial Group, and Martin Capital Partners.
• The fund has declared a monthly dividend of $0.0525 per share, set to be paid on December 1st, with a yield of 4.9%.

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI - ) was the recipient of a large growth in short interest during the month of September. As of September 15th, there was short interest totaling 3,900 shares, a growth of 95.0% from the August 31st total of 2,000 shares. Based on an average daily trading volume, of 14,600 shares, the short-interest ratio is presently 0.3 days. Based on an average daily trading volume, of 14,600 shares, the short-interest ratio is presently 0.3 days.

Hedge Funds Weigh In On Western Asset Investment Grade Income Fund

Several large investors have recently bought and sold shares of PAI. SeaBridge Investment Advisors LLC boosted its stake in Western Asset Investment Grade Income Fund by 75.2% in the first quarter. SeaBridge Investment Advisors LLC now owns 254,432 shares of the financial services provider's stock valued at $3,269,000 after acquiring an additional 109,201 shares during the last quarter. Baird Financial Group Inc. lifted its stake in shares of Western Asset Investment Grade Income Fund by 85.4% in the 2nd quarter. Baird Financial Group Inc. now owns 31,782 shares of the financial services provider's stock valued at $413,000 after purchasing an additional 14,644 shares during the period. Martin Capital Partners LLC boosted its position in shares of Western Asset Investment Grade Income Fund by 97.3% in the 2nd quarter. Martin Capital Partners LLC now owns 22,750 shares of the financial services provider's stock worth $295,000 after purchasing an additional 11,219 shares during the last quarter. Shaker Financial Services LLC acquired a new stake in shares of Western Asset Investment Grade Income Fund during the second quarter worth $145,000. Finally, Focus Partners Advisor Solutions LLC bought a new stake in Western Asset Investment Grade Income Fund in the second quarter valued at about $143,000. 18.99% of the stock is currently owned by institutional investors and hedge funds.

Western Asset Investment Grade Income Fund Trading Down 0.5%

Shares of PAI traded down $0.07 during trading hours on Friday, hitting $12.82. 9,647 shares of the stock traded hands, compared to its average volume of 17,384. The business has a fifty day moving average of $12.76 and a 200-day moving average of $12.58. Western Asset Investment Grade Income Fund has a 1-year low of $11.41 and a 1-year high of $13.66.

Western Asset Investment Grade Income Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, December 1st. Investors of record on Thursday, November 20th will be paid a dividend of $0.0525 per share. This represents a c) dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date of this dividend is Thursday, November 20th.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.