Pcm Fund (NYSE:PCM) Shares Break Below Two Hundred Day Moving Average – What’s Next?

Shares of Pcm Fund (NYSE:PCM) crossed below its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $5.51 and traded as low as $4.90. Pcm Fund shares last traded at $4.9160, with a volume of 14,705 shares traded.

Pcm Fund Stock Performance

The business has a 50 day moving average price of $5.18 and a 200-day moving average price of $5.51.

Pcm Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Tuesday, October 13th will be given a dividend of $0.0642 per share. This represents a $0.77 annualized dividend and a yield of 15.7%. The ex-dividend date is Tuesday, October 13th.

Hedge Funds Weigh In On Pcm Fund

Several hedge funds have recently bought and sold shares of the company. Arlington Capital Management Inc. purchased a new position in Pcm Fund during the 1st quarter valued at about $328,000. Landscape Capital Management L.L.C. acquired a new stake in Pcm Fund during the 2nd quarter valued at $322,000. Concord Investment Counsel Inc. acquired a new position in shares of Pcm Fund in the second quarter worth $358,000. Finally, Rivernorth Capital Management LLC increased its position in Pcm Fund by 59.3% during the 1st quarter. Rivernorth Capital Management LLC now owns 479,504 shares of the investment management company’s stock worth $2,738,000 after purchasing an additional 178,434 shares in the last quarter. 10.26% of the stock is owned by hedge funds and other institutional investors.

About Pcm Fund

PIMCO California Municipal Income Fund is a closed-end management investment company listed on the New York Stock Exchange under the symbol PCM. The fund seeks to provide current income that is exempt from regular federal income tax and California state income tax.

The fund invests primarily in municipal bonds and other related debt securities issued by or on behalf of California municipalities and governmental entities. Its portfolio may include bonds supporting public infrastructure and essential services, such as education, transportation, utilities, health care and housing.