PIMCO High Income Fund (NYSE:PHK) Hits New 52-Week Low – Time to Sell?

PIMCO High Income Fund (NYSE:PHK)’s share price reached a new 52-week low on Thursday. The company traded as low as $4.01 and last traded at $4.0260, with a volume of 1,180,783 shares trading hands. The stock had previously closed at $4.10.

PIMCO High Income Fund Trading Down 1.6%

The stock has a fifty day moving average of $4.18 and a two-hundred day moving average of $4.55.

PIMCO High Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, December 1st. Investors of record on Friday, November 13th will be paid a $0.0480 dividend. The ex-dividend date is Friday, November 13th. This represents a $0.58 annualized dividend and a dividend yield of 14.3%.

Insider Buying and Selling

In related news, Director David C. Flattum bought 60,204 shares of the company’s stock in a transaction on Tuesday, October 6th. The stock was bought at an average cost of $4.14 per share, with a total value of $249,244.56. Following the completion of the acquisition, the director owned 60,204 shares in the company, valued at approximately $249,244.56. This represents a ? increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Hedge Funds Weigh In On PIMCO High Income Fund

Hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new stake in PIMCO High Income Fund in the first quarter valued at $50,000. Baird Financial Group Inc. grew its stake in PIMCO High Income Fund by 3.5% in the 2nd quarter. Baird Financial Group Inc. now owns 178,530 shares of the investment management company’s stock valued at $832,000 after acquiring an additional 6,021 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new position in PIMCO High Income Fund during the 2nd quarter valued at about $128,000. Elm3 Financial Group LLC raised its position in PIMCO High Income Fund by 3.1% during the third quarter. Elm3 Financial Group LLC now owns 272,684 shares of the investment management company’s stock worth $1,118,000 after acquiring an additional 8,109 shares during the last quarter. Finally, Prairie Advisory LLC acquired a new stake in shares of PIMCO High Income Fund in the third quarter valued at approximately $82,000. 11.75% of the stock is owned by hedge funds and other institutional investors.

About PIMCO High Income Fund

PIMCO High Income Fund is a closed-end investment fund managed by Pacific Investment Management Company (PIMCO). Launched in 2003, the fund seeks to provide high current income, with capital appreciation as a secondary objective. The fund invests in a diversified portfolio of income-producing securities, with an emphasis on below-investment-grade corporate debt. Its holdings may also include other fixed-income securities, including debt from emerging markets and mortgage-related investments. PIMCO’s portfolio management team oversees the fund’s investments, which may span U.S. and international markets.