Pcm Fund (NYSE:PCM) Share Price Breaks Below 200 Day Moving Average – Here’s Why

Pcm Fund (NYSE:PCM) passed below its 200-day moving average during trading on Friday. The stock has a 200-day moving average of $5.59 and traded as low as $4.90. Pcm Fund shares last traded at $4.9760, with a volume of 37,465 shares trading hands.

Pcm Fund Stock Performance

The firm’s 50-day moving average price is $5.40 and its 200 day moving average price is $5.59.

Pcm Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 11th will be paid a $0.0642 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $0.77 dividend on an annualized basis and a yield of 15.5%.

Institutional Trading of Pcm Fund

A number of institutional investors have recently bought and sold shares of PCM. Rivernorth Capital Management LLC lifted its stake in shares of Pcm Fund by 59.3% in the 1st quarter. Rivernorth Capital Management LLC now owns 479,504 shares of the investment management company’s stock valued at $2,738,000 after purchasing an additional 178,434 shares during the period. Concord Investment Counsel Inc. acquired a new stake in shares of Pcm Fund during the second quarter worth $358,000. Landscape Capital Management L.L.C. bought a new stake in Pcm Fund in the second quarter valued at about $322,000. Arlington Capital Management Inc. bought a new stake in Pcm Fund in the first quarter valued at about $328,000. Finally, Everett Harris & Co. CA acquired a new position in Pcm Fund in the fourth quarter valued at about $80,000. Institutional investors and hedge funds own 10.26% of the company’s stock.

About Pcm Fund

PCM Fund, Inc (NYSE: PCM) is a closed-end investment company advised by Pacific Investment Management Company LLC (PIMCO). The fund is designed to provide investors with access to professionally managed fixed-income investments rather than operating a conventional business.

The fund primarily invests in commercial mortgage-backed securities and other mortgage-related investments. Its investment strategy is focused on generating a high level of current income, with capital appreciation as a secondary objective.