PIMCO High Income Fund (NYSE:PHK) Sees Unusually-High Trading Volume After Dividend Announcement

PIMCO High Income Fund (NYSE:PHK) shares saw strong trading volume on Friday after the company announced a dividend. 929,380 shares changed hands during trading, an increase of 56% from the previous session’s volume of 594,218 shares.The stock last traded at $4.62 and had previously closed at $4.87.

The newly announced dividend which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a dividend of $0.048 per share. This represents a $0.58 annualized dividend and a yield of 12.45%. The ex-dividend date is Friday, April 11th.

PIMCO High Income Fund Stock Down 5.0 %

The company’s fifty day moving average price is $4.90 and its 200 day moving average price is $4.96.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Rivernorth Capital Management LLC raised its stake in shares of PIMCO High Income Fund by 6.5% during the 3rd quarter. Rivernorth Capital Management LLC now owns 4,939,765 shares of the investment management company’s stock valued at $24,699,000 after purchasing an additional 301,706 shares during the period. LPL Financial LLC boosted its stake in PIMCO High Income Fund by 54.3% in the fourth quarter. LPL Financial LLC now owns 1,624,495 shares of the investment management company’s stock worth $7,895,000 after buying an additional 571,384 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of PIMCO High Income Fund by 7.1% during the 4th quarter. Bank of America Corp DE now owns 1,290,578 shares of the investment management company’s stock valued at $6,272,000 after purchasing an additional 85,312 shares during the last quarter. Invesco Ltd. grew its stake in shares of PIMCO High Income Fund by 5.2% during the fourth quarter. Invesco Ltd. now owns 1,160,069 shares of the investment management company’s stock valued at $5,638,000 after buying an additional 57,314 shares during the last quarter. Finally, Cohen & Steers Inc. grew its position in PIMCO High Income Fund by 10.3% during the 4th quarter. Cohen & Steers Inc. now owns 1,063,601 shares of the investment management company’s stock worth $5,169,000 after acquiring an additional 99,653 shares during the last quarter. 11.75% of the stock is owned by institutional investors.

PIMCO High Income Fund Company Profile

PIMCO High Income Fund is a closed ended fixed income mutual fund launched and managed by Allianz Global Investors Fund Management LLC. The fund is co-managed by Pacific Investment Management Company LLC. It invests in the public fixed income markets across the globe. The fund invests in U.S. dollar denominated high-yield corporate debt obligations.