Western Asset Investment Grade Income Fund (NYSE:PAI) Stock Price Crosses Below 200 Day Moving Average – Here’s Why

Shares of Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $12.61 and traded as low as $12.61. Western Asset Investment Grade Income Fund shares last traded at $12.77, with a volume of 10,793 shares trading hands.

Western Asset Investment Grade Income Fund Stock Performance

The company’s 50-day moving average is $12.56 and its two-hundred day moving average is $12.61.

Western Asset Investment Grade Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Monday, March 24th will be paid a dividend of $0.0525 per share. This represents a $0.63 annualized dividend and a yield of 4.94%. The ex-dividend date is Monday, March 24th.

Hedge Funds Weigh In On Western Asset Investment Grade Income Fund

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

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.