Western Asset Intermediate Muni Fund (NYSE:SBI) Stock Price Breaks Above 50 Day Moving Average – Here’s Why

Western Asset Intermediate Muni Fund Inc. (NYSE:SBI)’s share price crossed above its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $7.24 and traded as high as $7.31. Western Asset Intermediate Muni Fund shares last traded at $7.30, with a volume of 55,660 shares trading hands.

Western Asset Intermediate Muni Fund Trading Up 1.0%

The business has a fifty day simple moving average of $7.24 and a two-hundred day simple moving average of $7.65.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SBI. Cetera Investment Advisers grew its holdings in shares of Western Asset Intermediate Muni Fund by 1.8% during the first quarter. Cetera Investment Advisers now owns 180,685 shares of the company’s stock worth $1,388,000 after buying an additional 3,257 shares in the last quarter. CoreCap Advisors LLC bought a new stake in shares of Western Asset Intermediate Muni Fund during the 2nd quarter valued at about $32,000. Royal Bank of Canada boosted its stake in Western Asset Intermediate Muni Fund by 7.5% during the first quarter. Royal Bank of Canada now owns 67,497 shares of the company’s stock worth $518,000 after buying an additional 4,716 shares during the period. Commonwealth Equity Services LLC grew its stake in Western Asset Intermediate Muni Fund by 3.6% during the 3rd quarter. Commonwealth Equity Services LLC now owns 198,914 shares of the company’s stock worth $1,390,000 after buying an additional 6,852 shares during the last quarter. Finally, Rivernorth Capital Management LLC raised its position in shares of Western Asset Intermediate Muni Fund by 0.6% in the first quarter. Rivernorth Capital Management LLC now owns 1,187,933 shares of the company’s stock valued at $9,123,000 after buying an additional 7,396 shares during the last quarter.

About Western Asset Intermediate Muni Fund

Western Asset Intermediate Muni Fund, Inc is a closed-end investment company listed on the New York Stock Exchange under the symbol SBI. The fund seeks to provide current income that is exempt from regular U.S. federal income tax by investing primarily in municipal bonds and other municipal securities.

The fund focuses on intermediate-term municipal obligations issued by states, cities, counties, and other governmental entities, as well as related public-purpose organizations. Its portfolio may include securities financing projects and services such as education, transportation, utilities, health care, and other public infrastructure.