MFS Investment Grade Municipal Trust (NYSE:CXH) Sees Significant Increase in Short Interest

MFS Investment Grade Municipal Trust (NYSE:CXH) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 22,400 shares, an increase of 56.6% from the February 28th total of 14,300 shares. Based on an average trading volume of 16,000 shares, the days-to-cover ratio is currently 1.4 days. Currently, 0.3% of the shares of the stock are sold short.

MFS Investment Grade Municipal Trust Stock Up 0.1 %

Shares of NYSE CXH traded up $0.01 during midday trading on Friday, hitting $7.88. 5,237 shares of the company’s stock were exchanged, compared to its average volume of 17,716. The business’s fifty day moving average price is $8.04 and its two-hundred day moving average price is $8.09. MFS Investment Grade Municipal Trust has a 12-month low of $7.30 and a 12-month high of $8.36.

MFS Investment Grade Municipal Trust Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 18th will be issued a $0.0275 dividend. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $0.33 annualized dividend and a dividend yield of 4.19%. This is an increase from MFS Investment Grade Municipal Trust’s previous monthly dividend of $0.03.

Institutional Investors Weigh In On MFS Investment Grade Municipal Trust

Several institutional investors have recently bought and sold shares of the stock. Rivernorth Capital Management LLC increased its position in shares of MFS Investment Grade Municipal Trust by 17.7% in the third quarter. Rivernorth Capital Management LLC now owns 402,574 shares of the company’s stock valued at $3,309,000 after acquiring an additional 60,569 shares during the period. Hennion & Walsh Asset Management Inc. increased its position in shares of MFS Investment Grade Municipal Trust by 45.3% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 158,542 shares of the company’s stock valued at $1,267,000 after buying an additional 49,420 shares during the period. Bank of New York Mellon Corp raised its position in shares of MFS Investment Grade Municipal Trust by 41.0% in the 4th quarter. Bank of New York Mellon Corp now owns 69,402 shares of the company’s stock worth $555,000 after acquiring an additional 20,186 shares in the last quarter. Noble Wealth Management PBC purchased a new position in shares of MFS Investment Grade Municipal Trust in the 4th quarter valued at approximately $53,000. Finally, Raymond James Financial Inc. bought a new stake in shares of MFS Investment Grade Municipal Trust during the 4th quarter valued at $230,000.

MFS Investment Grade Municipal Trust Company Profile

MFS Investment Grade Municipal is a close ended fixed income mutual fund launched and managed by Massachusetts Financial Services Company. The fund invests in fixed income markets of the United States. It primarily invests in tax-exempt bonds and tax-exempt notes. The fund benchmarks the performance of its portfolio against Barclays Municipal Bond Index.