Western Asset Intermediate Muni Fund Inc. (NYSE:SBI) Sees Large Decline in Short Interest
by Michael Walen · The Markets DailyWestern Asset Intermediate Muni Fund Inc. (NYSE:SBI – Get Free Report) was the recipient of a large drop in short interest during the month of January. As of January 30th, there was short interest totaling 11,025 shares, a drop of 62.1% from the January 15th total of 29,060 shares. Based on an average daily trading volume, of 37,866 shares, the short-interest ratio is currently 0.3 days. Based on an average daily trading volume, of 37,866 shares, the short-interest ratio is currently 0.3 days.
Institutional Trading of Western Asset Intermediate Muni Fund
A number of institutional investors have recently modified their holdings of SBI. Royal Bank of Canada raised its position in Western Asset Intermediate Muni Fund by 13.5% in the first quarter. Royal Bank of Canada now owns 30,278 shares of the company’s stock worth $236,000 after acquiring an additional 3,600 shares in the last quarter. Wolverine Asset Management LLC boosted its position in shares of Western Asset Intermediate Muni Fund by 29.3% during the 2nd quarter. Wolverine Asset Management LLC now owns 43,898 shares of the company’s stock worth $330,000 after purchasing an additional 9,943 shares in the last quarter. Traub Capital Management LLC acquired a new position in shares of Western Asset Intermediate Muni Fund during the 2nd quarter worth $982,000. Horizon Kinetics Asset Management LLC purchased a new position in shares of Western Asset Intermediate Muni Fund in the 2nd quarter valued at about $85,000. Finally, Invesco Ltd. lifted its stake in shares of Western Asset Intermediate Muni Fund by 55.5% in the second quarter. Invesco Ltd. now owns 205,096 shares of the company’s stock valued at $1,542,000 after purchasing an additional 73,181 shares during the period.
Western Asset Intermediate Muni Fund Stock Up 0.0%
Shares of SBI stock traded up $0.00 during mid-day trading on Friday, hitting $7.98. The stock had a trading volume of 63,018 shares, compared to its average volume of 34,814. The company’s 50-day simple moving average is $7.80 and its 200-day simple moving average is $7.79. Western Asset Intermediate Muni Fund has a fifty-two week low of $7.30 and a fifty-two week high of $8.01.
Western Asset Intermediate Muni Fund Dividend Announcement
The firm also recently disclosed a monthly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 20th will be issued a $0.042 dividend. This represents a c) dividend on an annualized basis and a yield of 6.3%. The ex-dividend date of this dividend is Friday, February 20th.
About Western Asset Intermediate Muni Fund
Western Asset Intermediate Muni Fund (NYSE: SBI) is a closed-end management investment company whose primary objective is to seek a high level of current income exempt from federal income taxes. The fund is sponsored and managed by Western Asset Management Company, a global fixed-income investment firm with a focus on municipal and other debt securities. SBI pursues its goal by investing predominantly in intermediate-duration municipal bonds, aiming to balance yield potential with interest rate risk management.
The portfolio typically comprises a diversified mix of investment-grade and, to a lesser extent, higher-yielding municipal securities issued by state and local governments and their agencies.