Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) Declares Dividend Increase – $0.05 Per Share

Western Asset Investment Grade Income Fund Inc. (NYSE:PAI) announced a monthly dividend on Wednesday, February 21st, Wall Street Journal reports. Stockholders of record on Tuesday, April 23rd will be paid a dividend of 0.049 per share by the financial services provider on Wednesday, May 1st. This represents a $0.59 dividend on an annualized basis and a dividend yield of 4.89%. The ex-dividend date of this dividend is Monday, April 22nd. This is a boost from Western Asset Investment Grade Income Fund’s previous monthly dividend of $0.05.

Western Asset Investment Grade Income Fund has decreased its dividend by an average of 2.5% annually over the last three years and has raised its dividend annually for the last 2 consecutive years.

Western Asset Investment Grade Income Fund Price Performance

Shares of Western Asset Investment Grade Income Fund stock opened at $12.03 on Friday. The stock’s fifty day moving average is $11.95 and its 200-day moving average is $11.73. Western Asset Investment Grade Income Fund has a 12-month low of $10.59 and a 12-month high of $12.63.

Institutional Investors Weigh In On Western Asset Investment Grade Income Fund

A number of institutional investors and hedge funds have recently modified their holdings of the stock. UBS Group AG raised its position in shares of Western Asset Investment Grade Income Fund by 27.8% during the first quarter. UBS Group AG now owns 41,810 shares of the financial services provider’s stock worth $569,000 after purchasing an additional 9,104 shares during the period. Waverly Advisors LLC acquired a new stake in shares of Western Asset Investment Grade Income Fund during the first quarter worth $355,000. Morgan Stanley raised its position in shares of Western Asset Investment Grade Income Fund by 36.9% during the fourth quarter. Morgan Stanley now owns 28,371 shares of the financial services provider’s stock worth $329,000 after purchasing an additional 7,642 shares during the period. LPL Financial LLC raised its position in shares of Western Asset Investment Grade Income Fund by 3.2% during the second quarter. LPL Financial LLC now owns 27,675 shares of the financial services provider’s stock worth $322,000 after purchasing an additional 849 shares during the period. Finally, Stifel Financial Corp raised its position in shares of Western Asset Investment Grade Income Fund by 6.1% during the fourth quarter. Stifel Financial Corp now owns 25,209 shares of the financial services provider’s stock worth $304,000 after purchasing an additional 1,460 shares during the period. 18.99% of the stock is owned by institutional investors and hedge funds.

Western Asset Investment Grade Income Fund Company Profile

Western Asset Income Fund is a closed-ended fixed income mutual fund launched and managed by Western Asset Management Company. It is co-managed by Western Asset Management Company Limited. The fund invests in the fixed income markets of the United States. It primarily invests in investment grade debt, including government securities, bank debt, commercial paper, and cash or cash equivalents.