PIMCO New York Municipal Income Fund II (NYSE:PNI) Shares Shorted: Short Interest Down 58.9% in October

PIMCO New York Municipal Income Fund II (NYSE:PNI) was the target of a large decline in short interest in the month of October. As of October 15th, there was short interest totaling 13,087 shares, a decline of 58.9% from the September 30th total of 31,847 shares. Based on an average daily volume of 124,458 shares, the days-to-cover ratio is presently 0.1 days.

PIMCO New York Municipal Income Fund II Trading Up 0.8%

NYSE PNI traded up $0.05 during trading hours on Friday, reaching $6.51. 34,557 shares of the company’s stock traded hands, compared to its average volume of 63,993. PIMCO New York Municipal Income Fund II has a 52-week low of $5.96 and a 52-week high of $7.20. The firm has a 50-day simple moving average of $6.42 and a 200 day simple moving average of $6.84.

PIMCO New York Municipal Income Fund II Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Tuesday, October 13th will be issued a dividend of $0.0295 per share. The ex-dividend date is Tuesday, October 13th. This represents a $0.35 annualized dividend and a dividend yield of 5.4%.

Insider Activity

In related news, major shareholder Of America Corp /De/ Bank purchased 12,170 shares of the firm’s stock in a transaction that occurred on Wednesday, October 21st. The stock was bought at an average cost of $6.33 per share, with a total value of $77,036.10. Following the completion of the purchase, the insider directly owned 12,170 shares in the company, valued at approximately $77,036.10. This represents a ? increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of PNI. Saba Capital Management L.P. purchased a new stake in shares of PIMCO New York Municipal Income Fund II during the 1st quarter valued at about $2,974,000. Bank of America Corp DE bought a new stake in PIMCO New York Municipal Income Fund II during the second quarter valued at approximately $812,000. Robinson Capital Management LLC grew its position in PIMCO New York Municipal Income Fund II by 36.3% during the second quarter. Robinson Capital Management LLC now owns 389,726 shares of the company’s stock valued at $2,763,000 after buying an additional 103,844 shares during the period. Beckerman Institutional LLC purchased a new stake in PIMCO New York Municipal Income Fund II during the second quarter valued at approximately $537,000. Finally, Rivernorth Capital Management LLC bought a new position in PIMCO New York Municipal Income Fund II in the first quarter worth approximately $7,246,000.

About PIMCO New York Municipal Income Fund II

PIMCO New York Municipal Income Fund II is a closed-end fund listed on the New York Stock Exchange under the symbol PNI. The fund seeks to provide current income that is exempt from regular federal income tax and New York State and New York City personal income taxes.

The fund invests primarily in municipal bonds and other fixed-income securities issued by or on behalf of states, municipalities, and other public entities. Its portfolio may include general obligation bonds, revenue bonds, and other tax-exempt securities financing public services and infrastructure in New York and other municipal markets.

PNI is managed by PIMCO, an investment management firm specializing in fixed income.