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

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI)’s share price passed below its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $12.03 and traded as low as $11.40. Western Asset Investment Grade Income Fund shares last traded at $11.43, with a volume of 8,174 shares traded.

Western Asset Investment Grade Income Fund Price Performance

The firm’s 50 day moving average price is $11.83 and its two-hundred day moving average price is $12.03.

Western Asset Investment Grade Income Fund Announces Dividend

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

Hedge Funds Weigh In On Western Asset Investment Grade Income Fund

Institutional investors have recently made changes to their positions in the stock. Sit Investment Associates Inc. bought a new position in shares of Western Asset Investment Grade Income Fund during the 4th quarter worth about $14,335,000. 1607 Capital Partners LLC boosted its holdings in Western Asset Investment Grade Income Fund by 9.8% in the fourth quarter. 1607 Capital Partners LLC now owns 712,889 shares of the financial services provider’s stock worth $8,897,000 after acquiring an additional 63,734 shares in the last quarter. Fiera Capital Corp grew its stake in Western Asset Investment Grade Income Fund by 44.0% in the fourth quarter. Fiera Capital Corp now owns 133,223 shares of the financial services provider’s stock valued at $1,663,000 after acquiring an additional 40,732 shares during the period. Waverly Advisors LLC bought a new stake in shares of Western Asset Investment Grade Income Fund during the second quarter valued at approximately $269,000. Finally, Bank of America Corp DE bought a new stake in shares of Western Asset Investment Grade Income Fund during the second quarter valued at approximately $240,000. Institutional investors and hedge funds own 18.99% of the company’s stock.

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.