Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) Short Interest Update

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) was the recipient of a significant increase in short interest in September. As of September 15th, there was short interest totaling 11,144 shares, an increase of 96.1% from the August 31st total of 5,682 shares. Currently, 0.1% of the company’s stock are short sold. Based on an average trading volume of 30,358 shares, the days-to-cover ratio is currently 0.4 days.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Sit Investment Associates Inc. purchased a new position in shares of Western Asset Investment Grade Income Fund in the 4th quarter worth approximately $14,335,000. 1607 Capital Partners LLC raised its stake in shares of Western Asset Investment Grade Income Fund by 9.8% during the 4th quarter. 1607 Capital Partners LLC now owns 712,889 shares of the financial services provider’s stock worth $8,897,000 after purchasing an additional 63,734 shares during the period. Fiera Capital Corp boosted its holdings in shares of Western Asset Investment Grade Income Fund by 44.0% in the 4th quarter. Fiera Capital Corp now owns 133,223 shares of the financial services provider’s stock worth $1,663,000 after buying an additional 40,732 shares during the last quarter. Waverly Advisors LLC purchased a new position in shares of Western Asset Investment Grade Income Fund in the 2nd quarter worth about $269,000. Finally, Bank of America Corp DE bought a new position in Western Asset Investment Grade Income Fund during the second quarter valued at about $240,000. Institutional investors own 18.99% of the company’s stock.

Western Asset Investment Grade Income Fund Price Performance

Shares of PAI traded up $0.04 during trading hours on Wednesday, reaching $11.46. The stock had a trading volume of 11,442 shares, compared to its average volume of 16,391. The firm has a 50-day simple moving average of $11.83 and a 200 day simple moving average of $12.03. Western Asset Investment Grade Income Fund has a 12 month low of $11.33 and a 12 month high of $12.95.

Western Asset Investment Grade Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Friday, November 20th will be given a dividend of $0.0525 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $0.63 annualized dividend and a dividend yield of 5.5%.

Western Asset Investment Grade Income Fund Company Profile

Western Asset Investment Grade Income Fund (NYSE:PAI) is a closed-end investment company that seeks to provide investors with a high level of current income while preserving capital. The fund invests primarily in investment-grade fixed-income securities, including corporate bonds, government and agency securities, mortgage-backed securities, and other debt instruments.

The fund is managed by Western Asset Management Company, a global fixed-income investment manager and a subsidiary of Franklin Resources, Inc Western Asset uses fundamental credit research, interest-rate analysis, and portfolio management to select securities and manage exposure across bond-market sectors and maturities.

PAI may invest in debt securities issued by entities in the United States and other countries, allowing the portfolio to gain exposure to a range of fixed-income markets.