Western Asset Intermediate Muni Fund (NYSE:SBI) Stock Passes Below 50 Day Moving Average – Here’s What Happened

Western Asset Intermediate Muni Fund Inc. (NYSE:SBI)’s stock price passed below its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $7.82 and traded as low as $7.77. Western Asset Intermediate Muni Fund shares last traded at $7.7750, with a volume of 57,088 shares traded.

Western Asset Intermediate Muni Fund Stock Performance

The firm’s 50-day moving average price is $7.81 and its 200 day moving average price is $7.73.

Western Asset Intermediate Muni Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 20th will be given a $0.042 dividend. This represents a c) dividend on an annualized basis and a yield of 6.5%. The ex-dividend date of this dividend is Friday, February 20th.

Institutional Trading of Western Asset Intermediate Muni Fund

A number of hedge funds have recently bought and sold shares of the business. Invesco Ltd. grew its position in shares of Western Asset Intermediate Muni Fund by 69.4% during the 1st quarter. Invesco Ltd. now owns 131,915 shares of the company’s stock valued at $1,029,000 after acquiring an additional 54,065 shares during the period. Wolverine Asset Management LLC increased its stake in shares of Western Asset Intermediate Muni Fund by 29.3% in the second quarter. Wolverine Asset Management LLC now owns 43,898 shares of the company’s stock worth $330,000 after purchasing an additional 9,943 shares in the last quarter. Melfa Wealth Management Inc. raised its position in shares of Western Asset Intermediate Muni Fund by 34.4% in the second quarter. Melfa Wealth Management Inc. now owns 46,347 shares of the company’s stock valued at $349,000 after purchasing an additional 11,850 shares during the period. Concorde Asset Management LLC purchased a new position in Western Asset Intermediate Muni Fund in the 1st quarter valued at approximately $90,000. Finally, Traub Capital Management LLC bought a new stake in Western Asset Intermediate Muni Fund during the 2nd quarter valued at $982,000.

Western Asset Intermediate Muni Fund Company Profile

Western Asset Intermediate Muni Fund (NYSE: SBI) is a closed-end management investment company whose primary objective is to seek a high level of current income exempt from federal income taxes. The fund is sponsored and managed by Western Asset Management Company, a global fixed-income investment firm with a focus on municipal and other debt securities. SBI pursues its goal by investing predominantly in intermediate-duration municipal bonds, aiming to balance yield potential with interest rate risk management.

The portfolio typically comprises a diversified mix of investment-grade and, to a lesser extent, higher-yielding municipal securities issued by state and local governments and their agencies.