Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) Stock Short Interest Falls 37.3%

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) was the target of a significant drop in short interest in the month of October. As of October 15th, there was short interest totaling 5,093 shares, a drop of 37.3% from the September 30th total of 8,127 shares. Approximately 0.1% of the shares of the stock are sold short. Based on an average trading volume of 26,344 shares, the days-to-cover ratio is currently 0.2 days.

Western Asset Investment Grade Income Fund Stock Performance

Shares of NYSE PAI traded up $0.02 during mid-day trading on Monday, reaching $11.46. The company’s stock had a trading volume of 3,918 shares, compared to its average volume of 17,478. The stock has a fifty day moving average of $11.58 and a two-hundred day moving average of $12.07. Western Asset Investment Grade Income Fund has a 52 week low of $11.24 and a 52 week high of $12.95.

Western Asset Investment Grade Income Fund Dividend Announcement

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

Institutional Investors Weigh In On Western Asset Investment Grade Income Fund

A number of institutional investors have recently added to or reduced their stakes in PAI. Susquehanna International Group LLP raised its position in shares of Western Asset Investment Grade Income Fund by 16.0% during the second quarter. Susquehanna International Group LLP now owns 12,605 shares of the financial services provider’s stock valued at $153,000 after buying an additional 1,734 shares during the last quarter. Fifth Third Bancorp purchased a new position in shares of Western Asset Investment Grade Income Fund in the first quarter worth $30,000. Bank of America Corp DE purchased a new position in shares of Western Asset Investment Grade Income Fund in the second quarter worth $243,000. Finally, Waverly Advisors LLC bought a new position in shares of Western Asset Investment Grade Income Fund during the second quarter worth $269,000. 18.99% of the stock is owned by hedge funds and other institutional investors.

About Western Asset Investment Grade Income Fund

Western Asset Investment Grade Income Fund (NYSE: PAI) is a diversified, closed-end management investment company. The fund seeks to provide current income and, to a lesser extent, capital appreciation by investing primarily in investment-grade fixed-income securities.

Its portfolio may include corporate bonds, U.S. government and agency securities, mortgage-backed securities, asset-backed securities, and other debt instruments. The fund may also invest in securities issued by entities outside the United States, providing exposure to global fixed-income markets while maintaining an emphasis on higher-quality credit.

PAI is managed by Western Asset Management Company, a global fixed-income investment manager and an affiliate of Franklin Resources.