Western Asset Investment Grade Income Fund Inc. (PAI) to Issue Monthly Dividend of $0.05 on May 1st

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) announced a monthly dividend on Wednesday, February 21st, Wall Street Journal reports. Shareholders of record on Tuesday, April 23rd will be paid a dividend of 0.049 per share by the financial services provider on Wednesday, May 1st. This represents a $0.59 annualized dividend and a yield of 4.89%. The ex-dividend date of this dividend is Monday, April 22nd. This is a boost from Western Asset Investment Grade Income Fund’s previous monthly dividend of $0.05.

Western Asset Investment Grade Income Fund has decreased its dividend payment by an average of 2.5% per year over the last three years and has raised its dividend annually for the last 2 consecutive years.

Western Asset Investment Grade Income Fund Stock Performance

PAI stock opened at $12.03 on Friday. Western Asset Investment Grade Income Fund has a 1 year low of $10.59 and a 1 year high of $12.63. The stock has a 50-day simple moving average of $11.95 and a 200-day simple moving average of $11.73.

Institutional Investors Weigh In On Western Asset Investment Grade Income Fund

A number of large investors have recently modified their holdings of the stock. LPL Financial LLC grew its stake in shares of Western Asset Investment Grade Income Fund by 3.2% in the second quarter. LPL Financial LLC now owns 27,675 shares of the financial services provider’s stock valued at $322,000 after buying an additional 849 shares in the last quarter. Advisor Group Holdings Inc. grew its stake in shares of Western Asset Investment Grade Income Fund by 73.1% in the first quarter. Advisor Group Holdings Inc. now owns 2,724 shares of the financial services provider’s stock valued at $38,000 after buying an additional 1,150 shares in the last quarter. Stifel Financial Corp grew its stake in shares of Western Asset Investment Grade Income Fund by 6.1% in the fourth quarter. Stifel Financial Corp now owns 25,209 shares of the financial services provider’s stock valued at $304,000 after buying an additional 1,460 shares in the last quarter. Wells Fargo & Company MN grew its stake in shares of Western Asset Investment Grade Income Fund by 69.1% in the second quarter. Wells Fargo & Company MN now owns 14,479 shares of the financial services provider’s stock valued at $168,000 after buying an additional 5,919 shares in the last quarter. Finally, PNC Financial Services Group Inc. acquired a new stake in shares of Western Asset Investment Grade Income Fund in the second quarter valued at about $85,000. Institutional investors and hedge funds own 18.99% of the company’s stock.

Western Asset Investment Grade Income Fund Company Profile

Western Asset Income Fund is a closed-ended fixed income mutual fund launched and managed by Western Asset Management Company. It is co-managed by Western Asset Management Company Limited. The fund invests in the fixed income markets of the United States. It primarily invests in investment grade debt, including government securities, bank debt, commercial paper, and cash or cash equivalents.