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

PIMCO New York Municipal Income Fund II (NYSE:PNI) was the target of a significant drop in short interest in the month of August. As of August 31st, there was short interest totaling 15,391 shares, a drop of 50.6% from the August 15th total of 31,163 shares. Based on an average daily trading volume, of 86,588 shares, the short-interest ratio is presently 0.2 days.

PIMCO New York Municipal Income Fund II Price Performance

Shares of NYSE PNI remained flat at $6.45 during mid-day trading on Wednesday. The company had a trading volume of 29,446 shares, compared to its average volume of 58,236. The stock has a 50 day moving average of $6.83 and a two-hundred day moving average of $6.93. PIMCO New York Municipal Income Fund II has a one year low of $6.43 and a one year high of $7.20.

PIMCO New York Municipal Income Fund II Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be paid a dividend of $0.0295 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a c) annualized dividend and a yield of 5.5%.

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

A number of hedge funds have recently bought and sold shares of PNI. Robinson Capital Management LLC lifted its position in PIMCO New York Municipal Income Fund II by 36.3% in the 2nd quarter. Robinson Capital Management LLC now owns 389,726 shares of the company’s stock valued at $2,763,000 after acquiring an additional 103,844 shares in the last quarter. Beacon Pointe Advisors LLC bought a new stake in PIMCO New York Municipal Income Fund II during the second quarter valued at approximately $75,000. Almitas Capital LLC bought a new stake in shares of PIMCO New York Municipal Income Fund II during the 2nd quarter valued at $3,314,000. Bank of America Corp DE purchased a new stake in PIMCO New York Municipal Income Fund II in the second quarter worth about $812,000. Finally, Beckerman Institutional LLC purchased a new stake in PIMCO New York Municipal Income Fund II in the 2nd quarter worth approximately $537,000.

PIMCO New York Municipal Income Fund II Company Profile

PIMCO New York Municipal Income Fund II (NYSE: PNI) is a closed-end management investment company that seeks to provide a high level of current income exempt from both federal and New York State income taxes. The fund is managed by Pacific Investment Management Company LLC (PIMCO), a global fixed income investment firm. PNI invests primarily in investment-grade municipal obligations issued by or on behalf of the state of New York, its municipalities and related public authorities.

The fund’s portfolio is constructed with a focus on New York state general obligation and revenue bonds, including transportation, education, healthcare and utility-backed securities.