PIMCO Corporate & Income Strategy Fund (NYSE:PCN) Sees Large Drop in Short Interest

PIMCO Corporate & Income Strategy Fund (NYSE:PCN) was the recipient of a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 183,600 shares, a decline of 14.7% from the September 30th total of 215,300 shares. Based on an average daily trading volume, of 207,000 shares, the days-to-cover ratio is presently 0.9 days.

PIMCO Corporate & Income Strategy Fund Price Performance

Shares of PCN stock traded up $0.02 on Wednesday, hitting $13.77. The stock had a trading volume of 110,774 shares, compared to its average volume of 220,951. PIMCO Corporate & Income Strategy Fund has a 1 year low of $11.22 and a 1 year high of $14.36. The company’s 50 day moving average price is $13.83 and its 200-day moving average price is $13.38.

PIMCO Corporate & Income Strategy Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, November 1st. Investors of record on Friday, October 11th will be issued a $0.1125 dividend. The ex-dividend date is Friday, October 11th. This represents a $1.35 annualized dividend and a dividend yield of 9.80%.

Institutional Investors Weigh In On PIMCO Corporate & Income Strategy Fund

Several institutional investors and hedge funds have recently modified their holdings of PCN. International Assets Investment Management LLC increased its holdings in PIMCO Corporate & Income Strategy Fund by 1,356.2% during the 3rd quarter. International Assets Investment Management LLC now owns 1,205,673 shares of the investment management company’s stock worth $17,108,000 after purchasing an additional 1,122,875 shares during the period. Principal Securities Inc. increased its holdings in PIMCO Corporate & Income Strategy Fund by 9.6% during the 3rd quarter. Principal Securities Inc. now owns 900,769 shares of the investment management company’s stock worth $12,782,000 after purchasing an additional 79,059 shares during the period. Axxcess Wealth Management LLC increased its holdings in PIMCO Corporate & Income Strategy Fund by 10.9% during the 1st quarter. Axxcess Wealth Management LLC now owns 542,326 shares of the investment management company’s stock worth $7,576,000 after purchasing an additional 53,147 shares during the period. Elevated Capital Advisors LLC increased its holdings in PIMCO Corporate & Income Strategy Fund by 1.7% during the 2nd quarter. Elevated Capital Advisors LLC now owns 396,818 shares of the investment management company’s stock worth $5,242,000 after purchasing an additional 6,756 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in PIMCO Corporate & Income Strategy Fund by 32.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 393,996 shares of the investment management company’s stock worth $5,205,000 after purchasing an additional 95,482 shares during the period.

About PIMCO Corporate & Income Strategy Fund

PIMCO Corporate & Income Strategy 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 fixed income markets of the United States. The fund invests in securities of companies that operate across diversified sectors.