High Income Securities Fund (NYSE:PCF) Sees Significant Drop in Short Interest

High Income Securities Fund (NYSE:PCF) was the recipient of a large decline in short interest in February. As of February 15th, there was short interest totalling 42,500 shares, a decline of 35.5% from the January 31st total of 65,900 shares. Based on an average daily volume of 135,100 shares, the short-interest ratio is presently 0.3 days.

Insider Activity

In related news, Director Gerald Hellerman acquired 10,000 shares of the stock in a transaction on Monday, December 16th. The stock was acquired at an average cost of $6.66 per share, for a total transaction of $66,600.00. Following the completion of the acquisition, the director now directly owns 14,325 shares of the company’s stock, valued at approximately $95,404.50. This represents a 231.21 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Phillip Goldstein sold 19,296 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $6.84, for a total value of $131,984.64. Following the transaction, the director now owns 7,131 shares in the company, valued at $48,776.04. This trade represents a 73.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 13,624 shares of company stock valued at $89,836 and have sold 19,669 shares valued at $134,425. Insiders own 1.60% of the company’s stock.

Institutional Investors Weigh In On High Income Securities Fund

A number of hedge funds and other institutional investors have recently bought and sold shares of PCF. Noble Wealth Management PBC bought a new stake in shares of High Income Securities Fund in the 4th quarter worth approximately $70,000. Total Wealth Planning & Management Inc. purchased a new stake in shares of High Income Securities Fund in the fourth quarter worth $80,000. L.M. Kohn & Company purchased a new stake in shares of High Income Securities Fund in the third quarter worth $94,000. Naviter Wealth LLC bought a new position in shares of High Income Securities Fund during the fourth quarter valued at $99,000. Finally, HighTower Advisors LLC purchased a new position in shares of High Income Securities Fund in the 4th quarter worth about $122,000. Hedge funds and other institutional investors own 16.64% of the company’s stock.

High Income Securities Fund Stock Performance

Shares of PCF stock opened at $6.82 on Friday. The company’s fifty day moving average price is $6.65 and its 200-day moving average price is $6.70. High Income Securities Fund has a 12 month low of $6.19 and a 12 month high of $7.00.

High Income Securities Fund Cuts Dividend

The firm also recently disclosed a dividend, which was paid on Friday, January 31st. Investors of record on Wednesday, January 22nd were paid a dividend of $0.0593 per share. This represents a yield of 10.68%. The ex-dividend date was Tuesday, January 21st.

High Income Securities Fund Company Profile

High Income Securities Fund is a closed-ended balanced income mutual fund launched and managed by Putnam Investment Management, LLC. The fund is co-managed by Putnam Investments Limited. It invests in the fixed income markets of the United States. The fund seeks to invest in stocks of companies operating across diversified sectors.