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

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) was the target of a large growth in short interest in the month of September. As of September 15th, there was short interest totaling 11,144 shares, a growth of 96.1% from the August 31st total of 5,682 shares. Currently, 0.1% of the shares of the company are short sold. Based on an average trading volume of 30,358 shares, the days-to-cover ratio is currently 0.4 days.

Western Asset Investment Grade Income Fund Trading Up 0.4%

PAI stock opened at $11.46 on Thursday. The company has a fifty day moving average price of $11.81 and a 200 day moving average price of $12.02. Western Asset Investment Grade Income Fund has a 12 month low of $11.33 and a 12 month high of $12.95.

Western Asset Investment Grade Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Friday, November 20th will be paid a $0.0525 dividend. This represents a $0.63 annualized dividend and a yield of 5.5%. The ex-dividend date of this dividend is Friday, November 20th.

Institutional Investors Weigh In On Western Asset Investment Grade Income Fund

A number of hedge funds and other institutional investors have recently modified their holdings of PAI. Fifth Third Bancorp purchased a new stake in Western Asset Investment Grade Income Fund during the first quarter worth $30,000. Susquehanna International Group LLP increased its position in shares of Western Asset Investment Grade Income Fund by 16.0% in the second quarter. Susquehanna International Group LLP now owns 12,605 shares of the financial services provider’s stock valued at $153,000 after buying an additional 1,734 shares in the last quarter. Bank of America Corp DE acquired a new position in shares of Western Asset Investment Grade Income Fund during the 2nd quarter worth $243,000. Waverly Advisors LLC acquired a new position in shares of Western Asset Investment Grade Income Fund during the 2nd quarter worth $269,000. Finally, Fiera Capital Corp boosted its position in shares of Western Asset Investment Grade Income Fund by 44.0% in the 4th 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. 18.99% of the stock is currently owned by institutional investors and hedge funds.

About Western Asset Investment Grade Income Fund

Western Asset Investment Grade Income Fund (NYSE:PAI) is a closed-end investment company that seeks to provide investors with a high level of current income while preserving capital. The fund invests primarily in investment-grade fixed-income securities, including corporate bonds, government and agency securities, mortgage-backed securities, and other debt instruments.

The fund is managed by Western Asset Management Company, a global fixed-income investment manager and a subsidiary of Franklin Resources, Inc Western Asset uses fundamental credit research, interest-rate analysis, and portfolio management to select securities and manage exposure across bond-market sectors and maturities.

PAI may invest in debt securities issued by entities in the United States and other countries, allowing the portfolio to gain exposure to a range of fixed-income markets.