Allspring Multi-Sector Income Fund (NYSEAMERICAN:ERC) Share Price Passes Above 50 Day Moving Average – Time to Sell?

Allspring Multi-Sector Income Fund (NYSEAMERICAN:ERC)’s share price crossed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $9.09 and traded as high as $9.26. Allspring Multi-Sector Income Fund shares last traded at $9.22, with a volume of 127,898 shares trading hands.

Allspring Multi-Sector Income Fund Trading Up 0.1%

The firm’s 50-day moving average is $9.09 and its 200-day moving average is $9.03.

Allspring Multi-Sector Income Fund Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Monday, May 12th will be given a dividend of $0.0725 per share. This represents a $0.87 dividend on an annualized basis and a dividend yield of 9.43%. The ex-dividend date of this dividend is Monday, May 12th.

Hedge Funds Weigh In On Allspring Multi-Sector Income Fund

A number of institutional investors have recently bought and sold shares of the stock. Selway Asset Management increased its stake in shares of Allspring Multi-Sector Income Fund by 5.2% in the fourth quarter. Selway Asset Management now owns 28,535 shares of the company’s stock worth $262,000 after purchasing an additional 1,406 shares in the last quarter. Avior Wealth Management LLC increased its stake in Allspring Multi-Sector Income Fund by 17.0% in the 1st quarter. Avior Wealth Management LLC now owns 12,794 shares of the company’s stock worth $118,000 after buying an additional 1,857 shares in the last quarter. Concurrent Investment Advisors LLC raised its holdings in Allspring Multi-Sector Income Fund by 10.5% during the first quarter. Concurrent Investment Advisors LLC now owns 21,967 shares of the company’s stock valued at $203,000 after acquiring an additional 2,095 shares during the period. Morey & Quinn Wealth Partners LLC raised its holdings in Allspring Multi-Sector Income Fund by 5.2% during the first quarter. Morey & Quinn Wealth Partners LLC now owns 63,451 shares of the company’s stock valued at $585,000 after acquiring an additional 3,112 shares during the period. Finally, VSM Wealth Advisory LLC purchased a new position in shares of Allspring Multi-Sector Income Fund in the fourth quarter valued at about $52,000.

Allspring Multi-Sector Income Fund Company Profile

Allspring Multi-Sector Income Fund is a closed-ended fixed income mutual fund launched and managed by Wells Fargo Funds Management, LLC. The fund is co-managed by First International Advisors, Inc and Wells Capital Management Incorporated. It invests in fixed income markets across the globe. The fund primarily invests in a mix of non-investment-grade corporate debt securities, including bank loan securities, foreign and emerging markets debt securities, adjustable and fixed-rate mortgages, and investment-grade corporate bonds.