Pacific American Income Shares Inc. (NYSE:PAI) was downgraded by stock analysts at Stifel Nicolaus from a “hold” rating to a “sell” rating in a research note issued on Monday.

Shares of Pacific American Income Shares (NYSE:PAI) traded down 1.37% during midday trading on Monday, hitting $16.57. The stock had a trading volume of 29,608 shares. The stock has a 50 day moving average of $15.82 and a 200-day moving average of $15.02. Pacific American Income Shares has a one year low of $13.59 and a one year high of $16.86.

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Institutional investors and hedge funds have recently modified their holdings of the stock. M&R Capital Management Inc. boosted its holdings in Pacific American Income Shares by 530.1% in the second quarter. M&R Capital Management Inc. now owns 17,329 shares of the financial services provider’s stock valued at $266,000 after purchasing an additional 14,579 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in Pacific American Income Shares by 7.7% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 32,708 shares of the financial services provider’s stock valued at $488,000 after purchasing an additional 2,334 shares during the last quarter. Finally, Granite Investment Partners LLC boosted its holdings in Pacific American Income Shares by 0.5% in the second quarter. Granite Investment Partners LLC now owns 45,457 shares of the financial services provider’s stock valued at $678,000 after purchasing an additional 235 shares during the last quarter. 6.50% of the stock is owned by hedge funds and other institutional investors.

About Pacific American Income Shares

Western Asset Income Fund (the Fund) is a closed-end diversified investment company. The Fund seeks a high level of current income, consistent with prudent investment risk, through investment in a diversified portfolio of debt securities. The Fund’s secondary investment objective is capital appreciation.

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