PIMCO California Municipal Income Fund (NYSE:PCQ) Stock Crosses Below 200 Day Moving Average – Here’s Why

PIMCO California Municipal Income Fund (NYSE:PCQ) shares crossed below its two hundred day moving average during trading on Friday. The stock has a two hundred day moving average of $8.63 and traded as low as $7.71. PIMCO California Municipal Income Fund shares last traded at $7.78, with a volume of 460,061 shares trading hands.

PIMCO California Municipal Income Fund Price Performance

The business has a 50 day simple moving average of $8.37 and a 200 day simple moving average of $8.63.

PIMCO California Municipal Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, November 2nd. Investors of record on Tuesday, October 13th will be issued a $0.0360 dividend. This represents a $0.43 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date of this dividend is Tuesday, October 13th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in PCQ. Rivernorth Capital Management LLC grew its holdings in PIMCO California Municipal Income Fund by 2.5% during the 2nd quarter. Rivernorth Capital Management LLC now owns 2,575,012 shares of the investment management company’s stock worth $23,098,000 after acquiring an additional 63,012 shares during the last quarter. Almitas Capital LLC bought a new position in shares of PIMCO California Municipal Income Fund in the second quarter worth about $6,374,000. Robinson Capital Management LLC lifted its position in shares of PIMCO California Municipal Income Fund by 8.5% during the second quarter. Robinson Capital Management LLC now owns 637,256 shares of the investment management company’s stock worth $5,716,000 after purchasing an additional 49,787 shares in the last quarter. Williams & Novak Wealth Management LLC lifted its position in shares of PIMCO California Municipal Income Fund by 30.4% during the third quarter. Williams & Novak Wealth Management LLC now owns 476,148 shares of the investment management company’s stock worth $3,671,000 after purchasing an additional 110,950 shares in the last quarter. Finally, Sit Investment Associates Inc. grew its stake in shares of PIMCO California Municipal Income Fund by 28.7% during the fourth quarter. Sit Investment Associates Inc. now owns 391,540 shares of the investment management company’s stock valued at $3,418,000 after purchasing an additional 87,303 shares during the last quarter.

About PIMCO California Municipal Income Fund

PIMCO California Municipal Income Fund is a closed-end investment fund listed on the New York Stock Exchange under the symbol PCQ. The fund is managed by PIMCO, a global investment management firm, and is designed to provide investors with access to California’s municipal bond market.

The fund’s primary investment objective is to seek current income that is exempt from regular federal income tax and California state personal income tax. It generally invests in a portfolio of municipal bonds and other municipal obligations issued by California state and local governments, public agencies, and related entities.

Through its portfolio, PIMCO California Municipal Income Fund may provide exposure to financing for public services and infrastructure, including schools, transportation systems, utilities, healthcare facilities, and other governmental projects.