PIMCO High Income Fund (NYSE:PHK) Sees Large Volume Increase – Still a Buy?

Shares of PIMCO High Income Fund (NYSE:PHK) saw unusually-high trading volume on Monday . Approximately 403,633 shares were traded during mid-day trading, a decline of 39% from the previous session’s volume of 662,054 shares.The stock last traded at $4.8750 and had previously closed at $4.86.

PIMCO High Income Fund Price Performance

The company has a 50 day simple moving average of $4.87 and a 200-day simple moving average of $4.85.

PIMCO High Income Fund Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, December 1st. Investors of record on Friday, November 14th will be paid a dividend of $0.048 per share. This represents a c) dividend on an annualized basis and a dividend yield of 11.8%. The ex-dividend date is Friday, November 14th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of PHK. Bank of America Corp DE boosted its position in PIMCO High Income Fund by 7.4% during the third quarter. Bank of America Corp DE now owns 1,030,933 shares of the investment management company’s stock valued at $5,144,000 after buying an additional 70,674 shares during the period. Raymond James Financial Inc. increased its holdings in shares of PIMCO High Income Fund by 5.5% in the third quarter. Raymond James Financial Inc. now owns 190,058 shares of the investment management company’s stock worth $948,000 after buying an additional 9,962 shares during the period. Invesco Ltd. increased its holdings in shares of PIMCO High Income Fund by 4.3% in the third quarter. Invesco Ltd. now owns 1,279,467 shares of the investment management company’s stock worth $6,385,000 after buying an additional 53,263 shares during the period. UBS Group AG lifted its stake in shares of PIMCO High Income Fund by 11.5% in the 3rd quarter. UBS Group AG now owns 1,158,962 shares of the investment management company’s stock valued at $5,783,000 after acquiring an additional 119,350 shares during the last quarter. Finally, New England Private Wealth Advisors LLC boosted its holdings in PIMCO High Income Fund by 195.6% during the 3rd quarter. New England Private Wealth Advisors LLC now owns 44,347 shares of the investment management company’s stock valued at $221,000 after acquiring an additional 29,347 shares during the period. 11.75% of the stock is currently owned by hedge funds and other institutional investors.

About PIMCO High Income Fund

PIMCO High Income Fund is a closed ended fixed income mutual fund launched and managed by Allianz Global Investors Fund Management LLC. The fund is co-managed by Pacific Investment Management Company LLC. It invests in the public fixed income markets across the globe. The fund invests in U.S. dollar denominated high-yield corporate debt obligations.