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

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) was the target of a large growth in short interest in July. As of July 15th, there was short interest totaling 8,207 shares, a growth of 112.3% from the June 30th total of 3,866 shares. Based on an average daily trading volume, of 11,727 shares, the days-to-cover ratio is presently 0.7 days. Currently, 0.1% of the company’s stock are sold short.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Sit Investment Associates Inc. purchased a new stake in shares of Western Asset Investment Grade Income Fund in the 4th quarter worth approximately $14,335,000. 1607 Capital Partners LLC increased its holdings in Western Asset Investment Grade Income Fund by 9.8% during the fourth quarter. 1607 Capital Partners LLC now owns 712,889 shares of the financial services provider’s stock valued at $8,897,000 after buying an additional 63,734 shares during the period. Hennion & Walsh Asset Management Inc. increased its holdings in Western Asset Investment Grade Income Fund by 13.1% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 223,849 shares of the financial services provider’s stock valued at $2,794,000 after buying an additional 25,947 shares during the period. Guggenheim Capital LLC raised its stake in Western Asset Investment Grade Income Fund by 54.7% in the fourth quarter. Guggenheim Capital LLC now owns 187,533 shares of the financial services provider’s stock worth $2,340,000 after buying an additional 66,296 shares in the last quarter. Finally, Fiera Capital Corp raised its stake in Western Asset Investment Grade Income Fund by 44.0% in the fourth 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 in the last quarter. Hedge funds and other institutional investors own 18.99% of the company’s stock.

Western Asset Investment Grade Income Fund Stock Performance

Shares of Western Asset Investment Grade Income Fund stock traded down $0.04 during trading on Wednesday, hitting $11.87. 10,394 shares of the stock traded hands, compared to its average volume of 11,789. The stock’s fifty day simple moving average is $12.08 and its 200 day simple moving average is $12.27. Western Asset Investment Grade Income Fund has a 52-week low of $11.72 and a 52-week high of $13.09.

Western Asset Investment Grade Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 24th will be issued a dividend of $0.0525 per share. This represents a c) annualized dividend and a yield of 5.3%. The ex-dividend date is Monday, August 24th.

About Western Asset Investment Grade Income Fund

Western Asset Investment Grade Income Fund (NYSE: PAI) is a diversified, closed-end management investment company that seeks to provide high current income with a secondary objective of capital preservation. Established in 2005, the fund invests primarily in investment-grade debt securities issued by governments, government agencies, corporate issuers and securitized products. It employs both traditional fixed-income strategies and opportunistic positions to enhance its income profile.

The fund’s portfolio is broadly diversified across sectors and credit profiles, focusing on bonds rated investment-grade by major credit rating agencies.