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

Western Asset Investment Grade Income Fund Inc. (NYSE:PAIGet Rating) was the recipient of a large growth in short interest in June. As of June 15th, there was short interest totalling 6,100 shares, a growth of 117.9% from the May 31st total of 2,800 shares. Based on an average daily volume of 23,400 shares, the days-to-cover ratio is currently 0.3 days.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. 1607 Capital Partners LLC acquired a new position in Western Asset Investment Grade Income Fund during the 1st quarter worth $3,011,000. Guggenheim Capital LLC boosted its position in shares of Western Asset Investment Grade Income Fund by 6.1% during the 4th quarter. Guggenheim Capital LLC now owns 75,822 shares of the financial services provider’s stock worth $1,185,000 after acquiring an additional 4,348 shares in the last quarter. Fiera Capital Corp boosted its position in shares of Western Asset Investment Grade Income Fund by 27.6% during the 1st quarter. Fiera Capital Corp now owns 69,566 shares of the financial services provider’s stock worth $948,000 after acquiring an additional 15,067 shares in the last quarter. Granite Investment Partners LLC boosted its position in shares of Western Asset Investment Grade Income Fund by 3.8% during the 4th quarter. Granite Investment Partners LLC now owns 42,403 shares of the financial services provider’s stock worth $663,000 after acquiring an additional 1,564 shares in the last quarter. Finally, Wolverine Asset Management LLC acquired a new position in shares of Western Asset Investment Grade Income Fund during the 1st quarter worth about $575,000. 22.65% of the stock is owned by hedge funds and other institutional investors.

PAI opened at $12.20 on Friday. Western Asset Investment Grade Income Fund has a 12 month low of $11.61 and a 12 month high of $17.41. The business has a fifty day moving average price of $12.33 and a 200 day moving average price of $13.47.

The business also recently announced a monthly dividend, which will be paid on Monday, October 3rd. Investors of record on Friday, September 23rd will be paid a dividend of $0.0465 per share. The ex-dividend date of this dividend is Thursday, September 22nd. This represents a $0.56 annualized dividend and a yield of 4.57%.

About Western Asset Investment Grade Income Fund (Get Rating)

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.

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