High Income Securities Fund (NYSE:PCF) Stock Price Passes Above Fifty Day Moving Average – Here’s Why

High Income Securities Fund (NYSE:PCF)’s stock price passed above its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $5.44 and traded as high as $5.50. High Income Securities Fund shares last traded at $5.4650, with a volume of 82,919 shares trading hands.

High Income Securities Fund Stock Performance

The company has a fifty day simple moving average of $5.44 and a 200-day simple moving average of $5.64.

High Income Securities Fund Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd will be issued a dividend of $0.058 per share. The ex-dividend date is Tuesday, September 22nd. This represents a c) dividend on an annualized basis and a dividend yield of 12.7%.

Hedge Funds Weigh In On High Income Securities Fund

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rivernorth Capital Management LLC raised its stake in High Income Securities Fund by 95.1% during the 1st quarter. Rivernorth Capital Management LLC now owns 102,563 shares of the financial services provider’s stock valued at $566,000 after purchasing an additional 50,003 shares during the period. Saba Capital Management L.P. purchased a new stake in High Income Securities Fund in the 1st quarter worth about $983,000. Lido Advisors LLC purchased a new position in High Income Securities Fund during the 1st quarter valued at about $66,000. Bulldog Investors LLP grew its stake in High Income Securities Fund by 30.4% during the 1st quarter. Bulldog Investors LLP now owns 13,961 shares of the financial services provider’s stock valued at $77,000 after acquiring an additional 3,256 shares in the last quarter. Finally, Live Oak Private Wealth LLC acquired a new position in shares of High Income Securities Fund in the 1st quarter valued at about $97,000. Institutional investors and hedge funds own 16.64% of the company’s stock.

About High Income Securities Fund

High Income Securities Fund (NYSE: PCF) is a closed-end management investment company dedicated to delivering a high level of total return, with an emphasis on current income. The fund invests primarily in a diversified portfolio of below-investment-grade debt securities, including corporate high-yield bonds, bank loans and other fixed-income instruments. While the majority of its holdings are denominated in U.S. dollars, the fund may also invest in non-U.S. issuers and currency exposures as part of its global credit strategy.

To pursue its objectives, PCF may employ leverage in the form of borrowings and preferred stock issuance, enhancing its capacity to generate income but also introducing additional risk.