Short Interest in Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) Declines By 36.6%

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) was the recipient of a significant drop in short interest during the month of April. As of April 15th, there was short interest totalling 8,500 shares, a drop of 36.6% from the March 31st total of 13,400 shares. Based on an average trading volume of 19,100 shares, the short-interest ratio is currently 0.4 days. Approximately 0.1% of the company’s shares are sold short.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its holdings in Western Asset Investment Grade Income Fund by 35.3% in the fourth quarter. Bank of America Corp DE now owns 8,694 shares of the financial services provider’s stock valued at $109,000 after buying an additional 2,267 shares during the period. StoneX Group Inc. acquired a new position in shares of Western Asset Investment Grade Income Fund in the 4th quarter valued at about $249,000. Aviance Capital Partners LLC boosted its position in shares of Western Asset Investment Grade Income Fund by 12.6% during the 4th quarter. Aviance Capital Partners LLC now owns 23,357 shares of the financial services provider’s stock valued at $292,000 after purchasing an additional 2,612 shares in the last quarter. Stifel Financial Corp increased its holdings in Western Asset Investment Grade Income Fund by 6.4% in the fourth quarter. Stifel Financial Corp now owns 33,858 shares of the financial services provider’s stock worth $424,000 after purchasing an additional 2,038 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Western Asset Investment Grade Income Fund in the fourth quarter valued at approximately $574,000. Institutional investors own 18.99% of the company’s stock.

Western Asset Investment Grade Income Fund Stock Up 0.3 %

Shares of NYSE:PAI opened at $12.40 on Tuesday. The business has a fifty day simple moving average of $12.45 and a 200 day simple moving average of $12.52. Western Asset Investment Grade Income Fund has a 12-month low of $11.41 and a 12-month high of $13.18.

Western Asset Investment Grade Income Fund Increases Dividend

The company also recently announced a dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 25th were given a dividend of $0.0525 per share. This represents a yield of 4.91%. The ex-dividend date of this dividend was Monday, March 24th. This is an increase from Western Asset Investment Grade Income Fund’s previous dividend of $0.05.

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.