PIMCO New York Municipal Income Fund II (NYSE:PNI) Sees Significant Increase in Short Interest

PIMCO New York Municipal Income Fund II (NYSE:PNI) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totaling 31,847 shares, an increase of 72.3% from the September 15th total of 18,484 shares. Based on an average daily trading volume, of 67,530 shares, the days-to-cover ratio is currently 0.5 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PNI. Rivernorth Capital Management LLC purchased a new stake in shares of PIMCO New York Municipal Income Fund II during the first quarter worth about $7,246,000. Almitas Capital LLC purchased a new position in shares of PIMCO New York Municipal Income Fund II during the second quarter valued at approximately $3,314,000. Saba Capital Management L.P. acquired a new stake in PIMCO New York Municipal Income Fund II during the first quarter worth approximately $2,974,000. Robinson Capital Management LLC boosted its position 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 acquiring an additional 103,844 shares during the last quarter. Finally, Whitebox Advisors LLC acquired a new stake in PIMCO New York Municipal Income Fund II during the first quarter worth approximately $2,658,000.

PIMCO New York Municipal Income Fund II Stock Performance

Shares of NYSE PNI traded up $0.07 during trading on Friday, reaching $6.30. The company had a trading volume of 101,843 shares, compared to its average volume of 62,769. PIMCO New York Municipal Income Fund II has a twelve month low of $5.96 and a twelve month high of $7.20. The stock has a 50-day moving average price of $6.52 and a two-hundred day moving average price of $6.81.

PIMCO New York Municipal Income Fund II Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, November 2nd. Investors of record on Tuesday, October 13th will be paid a $0.0295 dividend. The ex-dividend date of this dividend is Tuesday, October 13th. This represents a $0.35 annualized dividend and a yield of 5.6%.

About PIMCO New York Municipal Income Fund II

PIMCO New York Municipal Income Fund II is a closed-end fund listed on the New York Stock Exchange under the symbol PNI. The fund seeks to provide current income that is exempt from regular federal income tax and New York State and New York City personal income taxes.

The fund invests primarily in municipal bonds and other fixed-income securities issued by or on behalf of states, municipalities, and other public entities. Its portfolio may include general obligation bonds, revenue bonds, and other tax-exempt securities financing public services and infrastructure in New York and other municipal markets.

PNI is managed by PIMCO, an investment management firm specializing in fixed income.