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

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) was the recipient of a significant decrease in short interest in the month of February. As of February 15th, there was short interest totalling 6,700 shares, a decrease of 65.3% from the January 31st total of 19,300 shares. Based on an average trading volume of 17,100 shares, the days-to-cover ratio is currently 0.4 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC boosted its holdings in shares of Western Asset Investment Grade Income Fund by 1,527.4% during the third quarter. International Assets Investment Management LLC now owns 91,949 shares of the financial services provider’s stock valued at $1,182,000 after acquiring an additional 86,299 shares during the period. Hennion & Walsh Asset Management Inc. lifted its position in Western Asset Investment Grade Income Fund by 24.5% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 214,320 shares of the financial services provider’s stock valued at $2,681,000 after purchasing an additional 42,107 shares during the last quarter. SeaBridge Investment Advisors LLC lifted its position in Western Asset Investment Grade Income Fund by 1.9% in the 4th quarter. SeaBridge Investment Advisors LLC now owns 145,231 shares of the financial services provider’s stock valued at $1,817,000 after purchasing an additional 2,663 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in Western Asset Investment Grade Income Fund by 58.7% during the 4th quarter. Jones Financial Companies Lllp now owns 155,099 shares of the financial services provider’s stock valued at $1,940,000 after purchasing an additional 57,376 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Western Asset Investment Grade Income Fund in the 4th quarter worth about $574,000. Institutional investors and hedge funds own 18.99% of the company’s stock.

Western Asset Investment Grade Income Fund Stock Performance

NYSE PAI traded up $0.08 during trading hours on Friday, reaching $12.83. The company’s stock had a trading volume of 23,215 shares, compared to its average volume of 18,541. The business has a 50-day simple moving average of $12.50 and a 200 day simple moving average of $12.61. Western Asset Investment Grade Income Fund has a 52 week low of $11.65 and a 52 week high of $13.18.

Western Asset Investment Grade Income Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, April 1st. Investors of record on Monday, March 24th will be issued a $0.0525 dividend. This represents a $0.63 annualized dividend and a dividend yield of 4.91%. The ex-dividend date is Monday, March 24th.

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.