PIMCO New York Municipal Income Fund II (NYSE:PNI) Sees Large Growth in Short Interest

PIMCO New York Municipal Income Fund II (NYSE:PNI) was the target of a significant increase in short interest in the month of September. As of September 30th, there was short interest totaling 31,847 shares, an increase of 72.3% from the September 15th total of 18,484 shares. Based on an average daily volume of 67,530 shares, the days-to-cover ratio is presently 0.5 days.

PIMCO New York Municipal Income Fund II Trading Up 1.7%

Shares of PNI stock traded up $0.10 during trading on Thursday, reaching $6.21. The company’s stock had a trading volume of 199,290 shares, compared to its average volume of 61,926. The stock’s 50-day moving average price is $6.55 and its 200 day moving average price is $6.82. PIMCO New York Municipal Income Fund II has a 1-year low of $5.96 and a 1-year high of $7.20.

PIMCO New York Municipal Income Fund II Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Tuesday, October 13th will be given a $0.0295 dividend. This represents a $0.35 annualized dividend and a yield of 5.7%. The ex-dividend date of this dividend is Tuesday, October 13th.

Hedge Funds Weigh In On PIMCO New York Municipal Income Fund II

Several institutional investors have recently modified their holdings of the business. Rivernorth Capital Management LLC purchased a new position in PIMCO New York Municipal Income Fund II in the first quarter valued at $7,246,000. Almitas Capital LLC acquired a new position in PIMCO New York Municipal Income Fund II during the 2nd quarter worth $3,314,000. Saba Capital Management L.P. purchased a new stake in PIMCO New York Municipal Income Fund II during the 1st quarter worth about $2,974,000. Whitebox Advisors LLC purchased a new stake in PIMCO New York Municipal Income Fund II during the 1st quarter worth about $2,658,000. Finally, Bank of New York Mellon Corp purchased a new stake in PIMCO New York Municipal Income Fund II during the 1st quarter worth about $1,061,000.

PIMCO New York Municipal Income Fund II Company Profile

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.