PIMCO Corporate & Income Strategy Fund (NYSE:PCN) Stock Price Breaks Above 50-Day Moving Average – What’s Next?

PIMCO Corporate & Income Strategy Fund (NYSE:PCN)’s stock price crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $10.99 and traded as high as $11.11. PIMCO Corporate & Income Strategy Fund shares last traded at $11.0650, with a volume of 489,772 shares.

PIMCO Corporate & Income Strategy Fund Trading Up 1.4%

The stock’s 50-day moving average price is $10.99 and its 200-day moving average price is $11.77.

PIMCO Corporate & Income Strategy Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, December 1st. Shareholders of record on Friday, November 13th will be paid a $0.1125 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.35 dividend on an annualized basis and a yield of 12.2%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PCN. GHE LLC boosted its position in PIMCO Corporate & Income Strategy Fund by 19.5% during the first quarter. GHE LLC now owns 748,086 shares of the investment management company’s stock worth $8,902,000 after purchasing an additional 122,079 shares in the last quarter. Rivernorth Capital Management LLC lifted its position in PIMCO Corporate & Income Strategy Fund by 20.7% in the 2nd quarter. Rivernorth Capital Management LLC now owns 428,965 shares of the investment management company’s stock worth $5,126,000 after buying an additional 73,709 shares in the last quarter. Elevated Capital Advisors LLC lifted its holdings in shares of PIMCO Corporate & Income Strategy Fund by 10.2% during the first quarter. Elevated Capital Advisors LLC now owns 399,746 shares of the investment management company’s stock worth $4,757,000 after buying an additional 37,135 shares during the last quarter. Noble Wealth Management PBC grew its position in PIMCO Corporate & Income Strategy Fund by 2.9% during the 2nd quarter. Noble Wealth Management PBC now owns 349,637 shares of the investment management company’s stock worth $4,178,000 after acquiring an additional 9,901 shares during the last quarter. Finally, Bank of America Corp DE bought a new stake in shares of PIMCO Corporate & Income Strategy Fund in the 2nd quarter valued at $3,334,000.

About PIMCO Corporate & Income Strategy Fund

PIMCO Corporate & Income Strategy Fund (NYSE: PCN) is a closed-end management investment company designed to provide investors with a high level of current income, with capital appreciation as a secondary objective. The fund is managed by PIMCO, a global investment management firm specializing in fixed-income and related strategies.

PCN invests primarily in corporate debt obligations and other income-producing securities. Its portfolio may include investment-grade and below-investment-grade bonds, commonly known as high-yield bonds, as well as securities issued by companies and governments in the United States and other countries.