Western Asset Intermediate Muni Fund (NYSE:SBI) Shares Pass Below 50 Day Moving Average – Here’s What Happened

Shares of Western Asset Intermediate Muni Fund Inc. (NYSE:SBI) crossed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of $7.77 and traded as low as $7.74. Western Asset Intermediate Muni Fund shares last traded at $7.7950, with a volume of 21,609 shares traded.

Western Asset Intermediate Muni Fund Price Performance

The stock has a 50-day simple moving average of $7.77 and a 200 day simple moving average of $7.75.

Western Asset Intermediate Muni Fund Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 20th will be issued a $0.042 dividend. The ex-dividend date is Friday, February 20th. This represents a c) annualized dividend and a yield of 6.5%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Horizon Kinetics Asset Management LLC acquired a new stake in shares of Western Asset Intermediate Muni Fund during the 2nd quarter worth approximately $85,000. Private Advisor Group LLC bought a new position in Western Asset Intermediate Muni Fund in the third quarter valued at approximately $91,000. Captrust Financial Advisors bought a new position in Western Asset Intermediate Muni Fund in the second quarter valued at approximately $96,000. IHT Wealth Management LLC grew its holdings in Western Asset Intermediate Muni Fund by 25.4% during the 2nd quarter. IHT Wealth Management LLC now owns 20,328 shares of the company’s stock worth $153,000 after acquiring an additional 4,113 shares during the period. Finally, Royal Bank of Canada raised its position in shares of Western Asset Intermediate Muni Fund by 13.5% during the 1st quarter. Royal Bank of Canada now owns 30,278 shares of the company’s stock valued at $236,000 after acquiring an additional 3,600 shares during the last quarter.

About Western Asset Intermediate Muni Fund

Western Asset Intermediate Muni Fund (NYSE: SBI) is a closed-end management investment company whose primary objective is to seek a high level of current income exempt from federal income taxes. The fund is sponsored and managed by Western Asset Management Company, a global fixed-income investment firm with a focus on municipal and other debt securities. SBI pursues its goal by investing predominantly in intermediate-duration municipal bonds, aiming to balance yield potential with interest rate risk management.

The portfolio typically comprises a diversified mix of investment-grade and, to a lesser extent, higher-yielding municipal securities issued by state and local governments and their agencies.