Pimco Corporate & Income Opportunity Fund (NYSE:PTY) Hits New 12-Month Low – Here’s Why

Pimco Corporate & Income Opportunity Fund (NYSE:PTY) hit a new 52-week low on Tuesday . The company traded as low as $11.06 and last traded at $11.0890, with a volume of 578303 shares changing hands. The stock had previously closed at $11.25.

Pimco Corporate & Income Opportunity Fund Stock Performance

The firm has a 50 day moving average price of $11.69 and a two-hundred day moving average price of $11.91.

Pimco Corporate & Income Opportunity Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be issued a $0.1188 dividend. This represents a c) annualized dividend and a dividend yield of 13.0%. The ex-dividend date is Friday, September 11th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. purchased a new position in Pimco Corporate & Income Opportunity Fund during the 2nd quarter valued at about $32,763,000. XML Financial LLC increased its stake in shares of Pimco Corporate & Income Opportunity Fund by 10.3% during the 2nd quarter. XML Financial LLC now owns 1,754,583 shares of the investment management company’s stock worth $21,108,000 after purchasing an additional 163,536 shares during the last quarter. Cetera Investment Advisers increased its position in Pimco Corporate & Income Opportunity Fund by 3.0% during the first quarter. Cetera Investment Advisers now owns 1,153,947 shares of the investment management company’s stock worth $13,917,000 after buying an additional 33,527 shares during the last quarter. Royal Bank of Canada raised its stake in shares of Pimco Corporate & Income Opportunity Fund by 2.8% in the 1st quarter. Royal Bank of Canada now owns 600,310 shares of the investment management company’s stock valued at $7,240,000 after acquiring an additional 16,237 shares in the last quarter. Finally, Equitable Holdings Inc. bought a new position in shares of Pimco Corporate & Income Opportunity Fund in the second quarter valued at approximately $6,654,000. Hedge funds and other institutional investors own 10.25% of the company’s stock.

About Pimco Corporate & Income Opportunity Fund

PIMCO Corporate & Income Opportunity Fund is a closed-end management investment company listed on the New York Stock Exchange under the symbol PTY. The fund is managed by Pacific Investment Management Company LLC (PIMCO), an investment manager specializing in fixed income and related asset classes.

The fund’s primary investment objective is to provide high current income, with capital appreciation as a secondary objective. It invests in a diversified portfolio of corporate debt and other income-producing securities, which may include investment-grade and below-investment-grade bonds, bank loans, preferred securities and other fixed-income instruments.