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

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) was the target of a significant decrease in short interest in September. As of September 30th, there was short interest totalling 5,900 shares, a decrease of 37.2% from the September 15th total of 9,400 shares. Based on an average daily volume of 18,500 shares, the days-to-cover ratio is presently 0.3 days.

Western Asset Investment Grade Income Fund Stock Up 1.1 %

PAI opened at $13.08 on Friday. The business has a 50-day moving average of $12.66 and a 200-day moving average of $12.27. Western Asset Investment Grade Income Fund has a fifty-two week low of $10.59 and a fifty-two week high of $13.12.

Western Asset Investment Grade Income Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Thursday, November 21st will be issued a dividend of $0.0515 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.62 dividend on an annualized basis and a dividend yield of 4.72%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Tortoise Investment Management LLC raised its position in shares of Western Asset Investment Grade Income Fund by 47.9% during the fourth quarter. Tortoise Investment Management LLC now owns 30,389 shares of the financial services provider’s stock valued at $366,000 after buying an additional 9,848 shares during the last quarter. Gilman Hill Asset Management LLC grew its stake in Western Asset Investment Grade Income Fund by 17.6% during the first quarter. Gilman Hill Asset Management LLC now owns 12,500 shares of the financial services provider’s stock worth $152,000 after buying an additional 1,875 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Western Asset Investment Grade Income Fund by 5.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 153,363 shares of the financial services provider’s stock valued at $1,869,000 after purchasing an additional 7,806 shares in the last quarter. SeaBridge Investment Advisors LLC raised its holdings in shares of Western Asset Investment Grade Income Fund by 5.4% in the first quarter. SeaBridge Investment Advisors LLC now owns 134,450 shares of the financial services provider’s stock valued at $1,639,000 after buying an additional 6,851 shares during the last quarter. Finally, Karpus Management Inc. acquired a new position in shares of Western Asset Investment Grade Income Fund during the first quarter worth approximately $2,438,000. Institutional investors and hedge funds own 18.99% of the company’s stock.

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.