Short Interest in Western Asset Intermediate Muni Fund Inc. (NYSE:SBI) Rises By 209.1%
by Michael Walen · The Markets DailyWestern Asset Intermediate Muni Fund Inc. (NYSE:SBI – Get Free Report) saw a large growth in short interest during the month of February. As of February 27th, there was short interest totaling 20,426 shares, a growth of 209.1% from the February 12th total of 6,609 shares. Based on an average daily volume of 43,261 shares, the days-to-cover ratio is currently 0.5 days. Based on an average daily volume of 43,261 shares, the days-to-cover ratio is currently 0.5 days.
Hedge Funds Weigh In On Western Asset Intermediate Muni Fund
Hedge funds have recently added to or reduced their stakes in the company. IHT Wealth Management LLC lifted its position in Western Asset Intermediate Muni Fund by 9.7% in the 4th quarter. IHT Wealth Management LLC now owns 23,801 shares of the company’s stock valued at $183,000 after acquiring an additional 2,103 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Western Asset Intermediate Muni Fund by 3.6% in the 4th quarter. Royal Bank of Canada now owns 62,781 shares of the company’s stock worth $482,000 after purchasing an additional 2,165 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Western Asset Intermediate Muni Fund by 12.5% in the fourth quarter. Janney Montgomery Scott LLC now owns 19,850 shares of the company’s stock worth $152,000 after purchasing an additional 2,200 shares during the last quarter. Cetera Investment Advisers raised its stake in shares of Western Asset Intermediate Muni Fund by 1.5% in the fourth quarter. Cetera Investment Advisers now owns 177,428 shares of the company’s stock worth $1,363,000 after purchasing an additional 2,643 shares during the last quarter. Finally, Whipplewood Advisors LLC lifted its holdings in shares of Western Asset Intermediate Muni Fund by 5.1% during the third quarter. Whipplewood Advisors LLC now owns 89,424 shares of the company’s stock valued at $707,000 after purchasing an additional 4,338 shares in the last quarter.
Western Asset Intermediate Muni Fund Stock Down 0.1%
NYSE:SBI traded down $0.01 on Thursday, reaching $7.87. 31,384 shares of the stock traded hands, compared to its average volume of 34,043. Western Asset Intermediate Muni Fund has a 12 month low of $7.30 and a 12 month high of $8.01. The company’s fifty day simple moving average is $7.87 and its 200 day simple moving average is $7.83.
Western Asset Intermediate Muni Fund Announces Dividend
The company also recently declared a monthly dividend, which will be paid on Friday, May 29th. Stockholders of record on Thursday, May 21st will be issued a dividend of $0.042 per share. The ex-dividend date is Thursday, May 21st. This represents a c) dividend on an annualized basis and a dividend yield of 6.4%.
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.