MFS Investment Grade Municipal Trust (NYSE:CXH) Sees Large Drop in Short Interest

MFS Investment Grade Municipal Trust (NYSE:CXH) was the target of a large drop in short interest in January. As of January 30th, there was short interest totaling 37,597 shares, a drop of 19.4% from the January 15th total of 46,631 shares. Approximately 0.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 21,332 shares, the days-to-cover ratio is presently 1.8 days. Based on an average daily trading volume, of 21,332 shares, the days-to-cover ratio is presently 1.8 days. Approximately 0.5% of the shares of the stock are sold short.

MFS Investment Grade Municipal Trust Price Performance

Shares of CXH traded up $0.02 during mid-day trading on Monday, hitting $8.14. The company’s stock had a trading volume of 23,521 shares, compared to its average volume of 15,662. MFS Investment Grade Municipal Trust has a 52-week low of $7.34 and a 52-week high of $8.21. The company’s 50-day moving average is $8.01 and its 200-day moving average is $7.88.

MFS Investment Grade Municipal Trust Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Friday, February 27th. Investors of record on Tuesday, February 17th will be paid a $0.034 dividend. This represents a c) annualized dividend and a dividend yield of 5.0%. The ex-dividend date is Tuesday, February 17th.

Institutional Trading of MFS Investment Grade Municipal Trust

Large investors have recently added to or reduced their stakes in the stock. Thomas J. Herzfeld Advisors Inc. increased its stake in MFS Investment Grade Municipal Trust by 100.5% during the second quarter. Thomas J. Herzfeld Advisors Inc. now owns 241,702 shares of the company’s stock worth $1,847,000 after purchasing an additional 121,161 shares during the period. Bank of America Corp DE boosted its holdings in shares of MFS Investment Grade Municipal Trust by 11.9% in the second quarter. Bank of America Corp DE now owns 17,500 shares of the company’s stock valued at $134,000 after acquiring an additional 1,860 shares during the period. Center for Financial Planning Inc. acquired a new position in MFS Investment Grade Municipal Trust in the 3rd quarter valued at about $36,000. Raymond James Financial Inc. increased its stake in MFS Investment Grade Municipal Trust by 62.3% in the 3rd quarter. Raymond James Financial Inc. now owns 31,813 shares of the company’s stock valued at $250,000 after buying an additional 12,217 shares during the period. Finally, Almitas Capital LLC raised its stake in shares of MFS Investment Grade Municipal Trust by 8.8% during the 3rd quarter. Almitas Capital LLC now owns 487,688 shares of the company’s stock worth $3,833,000 after buying an additional 39,519 shares in the last quarter.

MFS Investment Grade Municipal Trust Company Profile

MFS Investment Grade Municipal Trust (NYSE: CXH) is a non-diversified, closed-end management investment company that seeks to provide shareholders with current income exempt from federal income taxes. Trading on the New York Stock Exchange since its inception in 1982, the fund primarily acquires investment-grade municipal securities, including general obligation and revenue bonds issued by states, municipalities and public authorities across the United States.

The trust’s portfolio is constructed to balance credit quality and yield, focusing on bonds rated BBB or higher by nationally recognized rating agencies.