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

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) was the target of a significant drop in short interest in March. As of March 31st, there was short interest totalling 13,400 shares, a drop of 20.7% from the March 15th total of 16,900 shares. Currently, 0.1% of the shares of the stock are sold short. Based on an average daily volume of 18,600 shares, the days-to-cover ratio is currently 0.7 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE raised its position in 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 valued at $109,000 after purchasing an additional 2,267 shares in the last quarter. StoneX Group Inc. purchased a new position in shares of Western Asset Investment Grade Income Fund during the 4th quarter valued at about $249,000. Aviance Capital Partners LLC lifted its position in Western Asset Investment Grade Income Fund by 12.6% in the 4th quarter. Aviance Capital Partners LLC now owns 23,357 shares of the financial services provider’s stock worth $292,000 after buying an additional 2,612 shares during the last quarter. Stifel Financial Corp boosted its stake in Western Asset Investment Grade Income Fund by 6.4% in the fourth quarter. Stifel Financial Corp now owns 33,858 shares of the financial services provider’s stock worth $424,000 after buying an additional 2,038 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in Western Asset Investment Grade Income Fund during the fourth quarter valued at approximately $574,000. 18.99% of the stock is currently owned by hedge funds and other institutional investors.

Western Asset Investment Grade Income Fund Trading Up 0.2 %

Shares of Western Asset Investment Grade Income Fund stock opened at $12.09 on Friday. Western Asset Investment Grade Income Fund has a 1 year low of $11.41 and a 1 year high of $13.18. The company has a 50 day simple moving average of $12.50 and a two-hundred day simple moving average of $12.55.

Western Asset Investment Grade Income Fund Increases Dividend

The business also recently disclosed a dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 25th were issued a dividend of $0.0525 per share. This is an increase from Western Asset Investment Grade Income Fund’s previous dividend of $0.05. This represents a dividend yield of 4.91%. The ex-dividend date was Monday, March 24th.

About Western Asset Investment Grade Income Fund

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.