Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) Sees Significant Drop in Short Interest

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) saw a large drop in short interest in March. As of March 31st, there was short interest totalling 13,400 shares, a drop of 20.7% from the March 15th total of 16,900 shares. Currently, 0.1% of the company’s stock are sold short. Based on an average daily volume of 18,600 shares, the short-interest ratio is presently 0.7 days.

Western Asset Investment Grade Income Fund Stock Performance

PAI stock traded up $0.03 during midday trading on Friday, reaching $12.09. 24,402 shares of the company’s stock traded hands, compared to its average volume of 17,542. The firm’s fifty day moving average price is $12.50 and its 200-day moving average price is $12.55. Western Asset Investment Grade Income Fund has a 52 week low of $11.41 and a 52 week high of $13.18.

Western Asset Investment Grade Income Fund Increases Dividend

The firm also recently declared a dividend, which was paid on Tuesday, April 1st. Investors of record on Tuesday, March 25th were given a $0.0525 dividend. This is a boost from Western Asset Investment Grade Income Fund’s previous dividend of $0.05. The ex-dividend date was Monday, March 24th. This represents a yield of 4.91%.

Institutional Trading of Western Asset Investment Grade Income Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PAI. 1607 Capital Partners LLC boosted its position in shares of Western Asset Investment Grade Income Fund by 34.0% during the fourth quarter. 1607 Capital Partners LLC now owns 662,505 shares of the financial services provider’s stock valued at $8,288,000 after buying an additional 168,193 shares during the last quarter. Jones Financial Companies Lllp grew its stake in shares of Western Asset Investment Grade Income Fund by 58.7% in the 4th quarter. Jones Financial Companies Lllp now owns 155,099 shares of the financial services provider’s stock worth $1,940,000 after acquiring an additional 57,376 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of Western Asset Investment Grade Income Fund in the fourth quarter valued at about $574,000. Hennion & Walsh Asset Management Inc. boosted its holdings in Western Asset Investment Grade Income Fund by 24.5% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 214,320 shares of the financial services provider’s stock worth $2,681,000 after purchasing an additional 42,107 shares during the last quarter. Finally, StoneX Group Inc. bought a new stake in Western Asset Investment Grade Income Fund in the 4th quarter worth about $249,000. 18.99% of the stock is owned by institutional investors.

Western Asset Investment Grade Income Fund Company Profile

Western Asset Income Fund is a closed-ended fixed income mutual fund launched and managed by Western Asset Management Company. It is co-managed by Western Asset Management Company Limited. The fund invests in the fixed income markets of the United States. It primarily invests in investment grade debt, including government securities, bank debt, commercial paper, and cash or cash equivalents.