PIMCO New York Municipal Income Fund II (NYSE:PNI) Sees Significant Increase in Short Interest

PIMCO New York Municipal Income Fund II (NYSE:PNI) was the target of a significant growth in short interest during the month of June. As of June 15th, there was short interest totaling 66,143 shares, a growth of 411.2% from the May 31st total of 12,939 shares. Based on an average trading volume of 47,735 shares, the days-to-cover ratio is presently 1.4 days.

PIMCO New York Municipal Income Fund II Price Performance

Shares of PNI stock traded up $0.01 on Friday, hitting $7.01. 74,009 shares of the company’s stock were exchanged, compared to its average volume of 49,593. PIMCO New York Municipal Income Fund II has a 12 month low of $6.43 and a 12 month high of $7.20. The company has a 50 day moving average of $7.00 and a 200 day moving average of $6.98.

PIMCO New York Municipal Income Fund II Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Thursday, June 11th will be paid a dividend of $0.0295 per share. This represents a c) dividend on an annualized basis and a dividend yield of 5.0%. The ex-dividend date of this dividend is Thursday, June 11th.

Institutional Trading of PIMCO New York Municipal Income Fund II

Institutional investors have recently modified their holdings of the business. Rivernorth Capital Management LLC bought a new position in shares of PIMCO New York Municipal Income Fund II during the first quarter worth about $7,246,000. Saba Capital Management L.P. acquired a new position in shares of PIMCO New York Municipal Income Fund II during the first quarter worth approximately $2,974,000. Whitebox Advisors LLC bought a new stake in PIMCO New York Municipal Income Fund II during the 1st quarter worth approximately $2,658,000. Bank of New York Mellon Corp purchased a new stake in PIMCO New York Municipal Income Fund II in the 1st quarter valued at about $1,061,000. Finally, Karpus Management Inc. grew its stake in PIMCO New York Municipal Income Fund II by 23.8% in the 4th quarter. Karpus Management Inc. now owns 654,456 shares of the company’s stock valued at $4,509,000 after purchasing an additional 125,959 shares during the period.

PIMCO New York Municipal Income Fund II Company Profile

PIMCO New York Municipal Income Fund II (NYSE: PNI) is a closed-end management investment company that seeks to provide a high level of current income exempt from both federal and New York State income taxes. The fund is managed by Pacific Investment Management Company LLC (PIMCO), a global fixed income investment firm. PNI invests primarily in investment-grade municipal obligations issued by or on behalf of the state of New York, its municipalities and related public authorities.

The fund’s portfolio is constructed with a focus on New York state general obligation and revenue bonds, including transportation, education, healthcare and utility-backed securities.