Pacific American Income Shares Inc. (NYSE:PAI) was downgraded by analysts at Stifel Nicolaus from a “hold” rating to a “sell” rating in a research report issued on Monday.

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Institutional investors and hedge funds have recently modified their holdings of the stock. M&R Capital Management Inc. increased its holdings in Pacific American Income Shares by 530.1% during the second quarter. M&R Capital Management Inc. now owns 17,329 shares of the financial services provider’s stock worth $266,000 after buying an additional 14,579 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in Pacific American Income Shares by 7.7% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 32,708 shares of the financial services provider’s stock worth $488,000 after buying an additional 2,334 shares during the last quarter. Finally, Granite Investment Partners LLC increased its holdings in Pacific American Income Shares by 0.5% during the second quarter. Granite Investment Partners LLC now owns 45,457 shares of the financial services provider’s stock worth $678,000 after buying an additional 235 shares during the last quarter. Institutional investors and hedge funds own 6.50% of the company’s stock.

About Pacific American Income Shares

Western Asset Income Fund (the Fund) is a closed-end diversified investment company. The Fund seeks a high level of current income, consistent with prudent investment risk, through investment in a diversified portfolio of debt securities. The Fund’s secondary investment objective is capital appreciation.

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