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

High Income Securities Fund (NYSE:PCF) was the target of a large decrease in short interest in January. As of January 15th, there was short interest totalling 58,700 shares, a decrease of 38.7% from the December 31st total of 95,700 shares. Based on an average daily trading volume, of 143,700 shares, the days-to-cover ratio is presently 0.4 days.

Insider Buying and Selling

In other news, Director Gerald Hellerman acquired 10,000 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were bought at an average price of $6.66 per share, with a total value of $66,600.00. Following the purchase, the director now owns 14,325 shares of the company’s stock, valued at approximately $95,404.50. This represents a 231.21 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders acquired 13,624 shares of company stock valued at $89,836 in the last three months. 1.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. SeaCrest Wealth Management LLC raised its stake in High Income Securities Fund by 4.3% during the 4th quarter. SeaCrest Wealth Management LLC now owns 43,295 shares of the financial services provider’s stock valued at $283,000 after purchasing an additional 1,804 shares during the period. McClarren Financial Advisors Inc. grew its stake in High Income Securities Fund by 72,966.7% during the 3rd quarter. McClarren Financial Advisors Inc. now owns 4,384 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 4,378 shares in the last quarter. Eastern Bank acquired a new position in shares of High Income Securities Fund in the 3rd quarter valued at about $48,000. L.M. Kohn & Company acquired a new position in shares of High Income Securities Fund in the 3rd quarter valued at about $94,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of High Income Securities Fund during the third quarter worth approximately $252,000. Institutional investors and hedge funds own 16.64% of the company’s stock.

High Income Securities Fund Price Performance

NYSE PCF traded up $0.02 on Wednesday, reaching $6.64. The company’s stock had a trading volume of 152,629 shares, compared to its average volume of 97,298. High Income Securities Fund has a twelve month low of $6.19 and a twelve month high of $7.00. The firm’s 50 day moving average is $6.62 and its two-hundred day moving average is $6.66.

High Income Securities Fund Cuts Dividend

The firm also recently announced a dividend, which will be paid on Friday, January 31st. Investors of record on Wednesday, January 22nd will be issued a dividend of $0.0593 per share. This represents a yield of 10.68%. The ex-dividend date of this dividend is Tuesday, January 21st.

About High Income Securities Fund

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.