Short Interest in PIMCO New York Municipal Income Fund II (NYSE:PNI) Decreases By 49.9%

PIMCO New York Municipal Income Fund II (NYSE:PNI) was the recipient of a large decrease in short interest in the month of May. As of May 29th, there was short interest totaling 12,939 shares, a decrease of 49.9% from the May 14th total of 25,809 shares. Based on an average daily volume of 46,990 shares, the days-to-cover ratio is presently 0.3 days.

PIMCO New York Municipal Income Fund II Price Performance

NYSE:PNI traded up $0.02 during mid-day trading on Monday, hitting $7.05. 34,141 shares of the company’s stock traded hands, compared to its average volume of 47,298. The firm has a 50 day moving average of $6.98 and a two-hundred day moving average of $6.97. PIMCO New York Municipal Income Fund II has a 12 month low of $6.43 and a 12 month high of $7.20.

PIMCO New York Municipal Income Fund II Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Wednesday, July 1st. Investors of record on Thursday, June 11th will be paid a dividend of $0.0295 per share. The ex-dividend date is Thursday, June 11th. This represents a c) annualized dividend and a yield of 5.0%.

Institutional Trading of PIMCO New York Municipal Income Fund II

Several hedge funds have recently added to or reduced their stakes in PNI. Rivernorth Capital Management LLC bought a new stake in PIMCO New York Municipal Income Fund II during the 1st quarter valued at approximately $7,246,000. Saba Capital Management L.P. bought a new stake in shares of PIMCO New York Municipal Income Fund II in the 1st quarter worth approximately $2,974,000. Whitebox Advisors LLC bought a new stake in shares of PIMCO New York Municipal Income Fund II in the 1st quarter worth approximately $2,658,000. Bank of New York Mellon Corp bought a new stake in shares of PIMCO New York Municipal Income Fund II in the 1st quarter worth approximately $1,061,000. Finally, Karpus Management Inc. lifted its position in shares of PIMCO New York Municipal Income Fund II by 23.8% in the 4th quarter. Karpus Management Inc. now owns 654,456 shares of the company’s stock worth $4,509,000 after acquiring an additional 125,959 shares during the period.

PIMCO New York Municipal Income Fund II Company Profile

PIMCO New York Municipal Income Fund II (NYSE: PNI) is a closed-end management investment company that seeks to provide a high level of current income exempt from both federal and New York State income taxes. The fund is managed by Pacific Investment Management Company LLC (PIMCO), a global fixed income investment firm. PNI invests primarily in investment-grade municipal obligations issued by or on behalf of the state of New York, its municipalities and related public authorities.

The fund’s portfolio is constructed with a focus on New York state general obligation and revenue bonds, including transportation, education, healthcare and utility-backed securities.