PIMCO High Income Fund (NYSE:PHK) Sees Unusually-High Trading Volume – Still a Buy?

Shares of PIMCO High Income Fund (NYSE:PHK) saw strong trading volume on Monday . 1,296,422 shares were traded during trading, an increase of 63% from the previous session’s volume of 796,516 shares.The stock last traded at $4.3250 and had previously closed at $4.36.

PIMCO High Income Fund Price Performance

The stock has a 50-day simple moving average of $4.61 and a 200-day simple moving average of $4.62.

PIMCO High Income Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a $0.048 dividend. This represents a c) dividend on an annualized basis and a yield of 13.3%. The ex-dividend date is Friday, September 11th.

Hedge Funds Weigh In On PIMCO High Income Fund

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Highland Investment Advisors LLC purchased a new position in PIMCO High Income Fund in the 2nd quarter valued at approximately $47,000. Bank of New York Mellon Corp purchased a new position in shares of PIMCO High Income Fund in the second quarter valued at $48,000. Jane Street Group LLC purchased a new position in shares of PIMCO High Income Fund in the second quarter valued at $48,000. Concurrent Investment Advisors LLC purchased a new stake in PIMCO High Income Fund during the 2nd quarter worth about $50,000. Finally, Glenview Trust Co purchased a new stake in PIMCO High Income Fund during the 4th quarter worth about $63,000. Institutional investors own 11.75% of the company’s stock.

About PIMCO High Income Fund

PIMCO High Income Fund (NYSE: PHK) is a closed-end management investment company advised by Pacific Investment Management Company LLC (PIMCO). The fund seeks to provide a high level of current income, with capital appreciation as a secondary objective.

The fund invests primarily in a diversified portfolio of income-producing debt securities. These investments may include below-investment-grade corporate bonds, commonly known as high-yield or “junk” bonds, as well as other fixed-income instruments issued by companies and governments in the United States and international markets.