MFS Investment Grade Municipal Trust (NYSE:CXH) Sees Large Growth in Short Interest

MFS Investment Grade Municipal Trust (NYSE:CXH) was the recipient of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 22,400 shares, an increase of 56.6% from the February 28th total of 14,300 shares. Currently, 0.3% of the shares of the company are sold short. Based on an average daily volume of 16,000 shares, the short-interest ratio is presently 1.4 days.

MFS Investment Grade Municipal Trust Price Performance

Shares of MFS Investment Grade Municipal Trust stock traded up $0.01 on Friday, hitting $7.88. The company’s stock had a trading volume of 5,237 shares, compared to its average volume of 17,716. MFS Investment Grade Municipal Trust has a 1 year low of $7.30 and a 1 year high of $8.36. The firm has a fifty day moving average price of $8.04 and a 200-day moving average price of $8.09.

MFS Investment Grade Municipal Trust Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Shareholders of record on Tuesday, March 18th will be given a dividend of $0.0275 per share. The ex-dividend date is Tuesday, March 18th. This is a boost from MFS Investment Grade Municipal Trust’s previous monthly dividend of $0.03. This represents a $0.33 dividend on an annualized basis and a yield of 4.19%.

Hedge Funds Weigh In On MFS Investment Grade Municipal Trust

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rivernorth Capital Management LLC increased its stake in shares of MFS Investment Grade Municipal Trust by 17.7% during the third quarter. Rivernorth Capital Management LLC now owns 402,574 shares of the company’s stock worth $3,309,000 after purchasing an additional 60,569 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in MFS Investment Grade Municipal Trust by 45.3% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 158,542 shares of the company’s stock worth $1,267,000 after buying an additional 49,420 shares during the last quarter. Bank of New York Mellon Corp increased its stake in MFS Investment Grade Municipal Trust by 41.0% during the 4th quarter. Bank of New York Mellon Corp now owns 69,402 shares of the company’s stock worth $555,000 after buying an additional 20,186 shares in the last quarter. Noble Wealth Management PBC acquired a new position in shares of MFS Investment Grade Municipal Trust during the fourth quarter valued at approximately $53,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of MFS Investment Grade Municipal Trust during the fourth quarter worth approximately $230,000.

MFS Investment Grade Municipal Trust Company Profile

MFS Investment Grade Municipal is a close ended fixed income mutual fund launched and managed by Massachusetts Financial Services Company. The fund invests in fixed income markets of the United States. It primarily invests in tax-exempt bonds and tax-exempt notes. The fund benchmarks the performance of its portfolio against Barclays Municipal Bond Index.