Short Interest in PIMCO New York Municipal Income Fund II (NYSE:PNI) Drops By 50.6%

PIMCO New York Municipal Income Fund II (NYSE:PNI) was the recipient of a large drop in short interest in the month of August. As of August 31st, there was short interest totaling 15,391 shares, a drop of 50.6% from the August 15th total of 31,163 shares. Based on an average daily volume of 86,588 shares, the short-interest ratio is currently 0.2 days.

PIMCO New York Municipal Income Fund II Stock Down 0.7%

NYSE PNI traded down $0.04 on Tuesday, reaching $6.45. The stock had a trading volume of 64,007 shares, compared to its average volume of 58,400. The stock has a fifty day moving average price of $6.84 and a two-hundred day moving average price of $6.93. 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 Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 11th will be issued a $0.0295 dividend. This represents a c) annualized dividend and a dividend yield of 5.5%. The ex-dividend date is Friday, September 11th.

Hedge Funds Weigh In On PIMCO New York Municipal Income Fund II

Hedge funds have recently bought and sold shares of the company. Saba Capital Management L.P. acquired a new position in PIMCO New York Municipal Income Fund II in the 1st quarter valued at about $2,974,000. Robinson Capital Management LLC increased its stake in PIMCO New York Municipal Income Fund II by 36.3% during the second quarter. Robinson Capital Management LLC now owns 389,726 shares of the company’s stock worth $2,763,000 after purchasing an additional 103,844 shares during the period. Beckerman Institutional LLC acquired a new stake in shares of PIMCO New York Municipal Income Fund II during the second quarter worth about $537,000. Bank of New York Mellon Corp acquired a new stake in shares of PIMCO New York Municipal Income Fund II during the first quarter worth about $1,061,000. Finally, Rivernorth Capital Management LLC purchased a new position in shares of PIMCO New York Municipal Income Fund II in the first quarter valued at approximately $7,246,000.

About PIMCO New York Municipal Income Fund II

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.