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

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) was the recipient of a large increase in short interest in July. As of July 15th, there was short interest totaling 8,207 shares, an increase of 112.3% from the June 30th total of 3,866 shares. Based on an average daily volume of 11,727 shares, the short-interest ratio is presently 0.7 days. Approximately 0.1% of the company’s shares are sold short.

Western Asset Investment Grade Income Fund Stock Performance

Shares of Western Asset Investment Grade Income Fund stock traded up $0.01 during midday trading on Tuesday, hitting $11.92. The company’s stock had a trading volume of 4,973 shares, compared to its average volume of 15,355. The stock has a 50-day simple moving average of $12.09 and a 200-day simple moving average of $12.28. Western Asset Investment Grade Income Fund has a 1-year low of $11.72 and a 1-year high of $13.09.

Western Asset Investment Grade Income Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 24th will be issued a dividend of $0.0525 per share. This represents a c) annualized dividend and a dividend yield of 5.3%. The ex-dividend date is Monday, August 24th.

Hedge Funds Weigh In On Western Asset Investment Grade Income Fund

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wolverine Asset Management LLC increased its stake in shares of Western Asset Investment Grade Income Fund by 469.6% during the 4th quarter. Wolverine Asset Management LLC now owns 53,564 shares of the financial services provider’s stock worth $668,000 after purchasing an additional 44,160 shares during the last quarter. 1607 Capital Partners LLC lifted its position in shares of Western Asset Investment Grade Income Fund by 9.8% during the 4th quarter. 1607 Capital Partners LLC now owns 712,889 shares of the financial services provider’s stock worth $8,897,000 after purchasing an additional 63,734 shares during the last quarter. Sit Investment Associates Inc. bought a new stake in shares of Western Asset Investment Grade Income Fund in the fourth quarter valued at approximately $14,335,000. Fiera Capital Corp boosted its holdings in Western Asset Investment Grade Income Fund by 44.0% in the 4th quarter. Fiera Capital Corp now owns 133,223 shares of the financial services provider’s stock valued at $1,663,000 after purchasing an additional 40,732 shares during the period. Finally, Aviance Capital Partners LLC lifted its stake in shares of Western Asset Investment Grade Income Fund by 3.9% in the fourth quarter. Aviance Capital Partners LLC now owns 38,064 shares of the financial services provider’s stock valued at $475,000 after buying an additional 1,431 shares during the period. Institutional investors own 18.99% of the company’s stock.

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.