PIMCO High Income Fund (NYSE:PHK) Reaches New 12-Month Low – Time to Sell?

PIMCO High Income Fund (NYSE:PHK) reached a new 52-week low on Thursday. The company traded as low as $4.04 and last traded at $4.0450, with a volume of 531131 shares. The stock had previously closed at $4.10.

PIMCO High Income Fund Stock Down 0.4%

The stock has a 50 day moving average price of $4.48 and a 200 day moving average price of $4.56.

PIMCO High Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 11th will be paid a dividend of $0.0480 per share. This represents a $0.58 dividend on an annualized basis and a dividend yield of 14.1%. The ex-dividend date of this dividend is Friday, September 11th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PHK. Bank of America Corp DE boosted its position in PIMCO High Income Fund by 4.0% during the 1st quarter. Bank of America Corp DE now owns 1,247,814 shares of the investment management company’s stock worth $5,777,000 after buying an additional 48,233 shares during the period. Cetera Investment Advisers raised its stake in shares of PIMCO High Income Fund by 6.9% during the first quarter. Cetera Investment Advisers now owns 941,248 shares of the investment management company’s stock valued at $4,358,000 after acquiring an additional 60,403 shares during the last quarter. RFG Advisory LLC acquired a new position in shares of PIMCO High Income Fund during the second quarter worth $1,821,000. Baird Financial Group Inc. grew its stake in shares of PIMCO High Income Fund by 3.5% in the second quarter. Baird Financial Group Inc. now owns 178,530 shares of the investment management company’s stock worth $832,000 after purchasing an additional 6,021 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its holdings in PIMCO High Income Fund by 14.0% in the first quarter. Sanctuary Advisors LLC now owns 127,114 shares of the investment management company’s stock valued at $589,000 after purchasing an additional 15,628 shares during the period. Institutional investors and hedge funds own 11.75% of the company’s stock.

About PIMCO High Income Fund

PIMCO High Income Fund (NYSE: PHK) is a closed-end management investment company advised by Pacific Investment Management Company LLC (PIMCO). The fund seeks to provide a high level of current income, with capital appreciation as a secondary objective.

The fund invests primarily in a diversified portfolio of income-producing debt securities. These investments may include below-investment-grade corporate bonds, commonly known as high-yield or “junk” bonds, as well as other fixed-income instruments issued by companies and governments in the United States and international markets.