PIMCO High Income Fund (NYSE:PHK) Hits New 1-Year Low – Here’s Why

PIMCO High Income Fund (NYSE:PHK)’s stock price hit a new 52-week low during mid-day trading on Wednesday. The company traded as low as $4.04 and last traded at $4.0450, with a volume of 281,419 shares trading hands. The stock had previously closed at $4.12.

PIMCO High Income Fund Stock Performance

The firm has a 50 day moving average of $4.39 and a 200 day moving average of $4.54.

PIMCO High Income Fund Announces Dividend

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

Insider Activity

In other news, Director David C. Flattum bought 60,204 shares of PIMCO High Income Fund stock in a transaction dated Tuesday, October 6th. The stock was bought at an average cost of $4.14 per share, for a total transaction of $249,244.56. Following the purchase, the director directly owned 60,204 shares in the company, valued at approximately $249,244.56. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Institutional Trading of PIMCO High Income Fund

Institutional investors have recently made changes to their positions in the stock. Highland Investment Advisors LLC purchased a new stake in PIMCO High Income Fund during the 2nd quarter valued at $47,000. Bank of New York Mellon Corp purchased a new stake in PIMCO High Income Fund during the second quarter valued at $48,000. Concurrent Investment Advisors LLC purchased a new stake in PIMCO High Income Fund during the second quarter valued at $50,000. Arkadios Wealth Advisors purchased a new stake in PIMCO High Income Fund during the first quarter valued at $117,000. Finally, Integrated Wealth Concepts LLC bought a new position in PIMCO High Income Fund in the second quarter valued at about $128,000. Hedge funds and other institutional investors own 11.75% of the company’s stock.

PIMCO High Income Fund Company Profile

PIMCO High Income Fund (NYSE: PHK) is a closed-end fund managed by Pacific Investment Management Company LLC (PIMCO), a global investment management firm. The fund’s primary objective is to seek high current income for its shareholders, with capital appreciation as a secondary objective.

The fund invests primarily in a diversified portfolio of fixed-income securities, including corporate bonds, loans, mortgage-related instruments, government and sovereign debt, and other income-producing credit investments.