PIMCO High Income Fund (NYSE:PHK) Hits New 12-Month Low – Should You Sell?

PIMCO High Income Fund (NYSE:PHK) shares reached a new 52-week low during trading on Tuesday. The company traded as low as $4.01 and last traded at $4.0250, with a volume of 41,809 shares. The stock had previously closed at $4.03.

PIMCO High Income Fund Price Performance

The company has a fifty day simple moving average of $4.32 and a two-hundred day simple moving average of $4.51.

PIMCO High Income Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, November 2nd. Investors of record on Tuesday, October 13th will be paid a $0.0480 dividend. This represents a $0.58 dividend on an annualized basis and a yield of 14.2%. The ex-dividend date of this dividend is Tuesday, October 13th.

Insiders Place Their Bets

In other PIMCO High Income Fund news, Director David C. Flattum bought 60,204 shares of the company’s stock in a transaction on Tuesday, October 6th. The stock was purchased at an average cost of $4.14 per share, for a total transaction of $249,244.56. Following the acquisition, the director owned 60,204 shares of the company’s stock, valued at $249,244.56. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website.

Hedge Funds Weigh In On PIMCO High Income Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PHK. Bank of America Corp DE grew its position in shares of PIMCO High Income Fund by 4.0% in the first quarter. Bank of America Corp DE now owns 1,247,814 shares of the investment management company’s stock valued at $5,777,000 after purchasing an additional 48,233 shares during the last quarter. Cetera Investment Advisers raised its position in shares of PIMCO High Income Fund by 6.9% during the 1st quarter. Cetera Investment Advisers now owns 941,248 shares of the investment management company’s stock worth $4,358,000 after purchasing an additional 60,403 shares during the last quarter. Shaker Financial Services LLC raised its position in shares of PIMCO High Income Fund by 158.3% during the 3rd quarter. Shaker Financial Services LLC now owns 516,772 shares of the investment management company’s stock worth $2,119,000 after purchasing an additional 316,668 shares during the last quarter. RFG Advisory LLC acquired a new position in shares of PIMCO High Income Fund during the 2nd quarter worth approximately $1,821,000. Finally, Elm3 Financial Group LLC raised its position in shares of PIMCO High Income Fund by 3.1% during the 3rd quarter. Elm3 Financial Group LLC now owns 272,684 shares of the investment management company’s stock worth $1,118,000 after purchasing an additional 8,109 shares during the last quarter. 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 investment fund managed 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.

PHK invests primarily in income-producing securities, including high-yield corporate bonds and other debt instruments. Its portfolio may include securities issued by companies and governments in the United States and other countries, giving the fund exposure to a range of credit markets and geographic regions.

PIMCO, a global investment management firm, oversees the fund’s portfolio management and investment strategy.