Western Asset Intermediate Muni Fund Inc. (NYSE:SBI) Sees Significant Decrease in Short Interest

Western Asset Intermediate Muni Fund Inc. (NYSE:SBI) saw a significant drop in short interest in the month of May. As of May 29th, there was short interest totaling 37,778 shares, a drop of 36.2% from the May 14th total of 59,193 shares. Based on an average daily trading volume, of 30,017 shares, the days-to-cover ratio is currently 1.3 days.

Western Asset Intermediate Muni Fund Trading Down 0.1%

Shares of SBI opened at $7.81 on Monday. Western Asset Intermediate Muni Fund has a one year low of $7.40 and a one year high of $8.01. The company has a 50-day moving average of $7.76 and a two-hundred day moving average of $7.80.

Western Asset Intermediate Muni Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 24th will be issued a $0.042 dividend. This represents a c) annualized dividend and a dividend yield of 6.5%. The ex-dividend date is Monday, August 24th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Rivernorth Capital Management LLC boosted its holdings in shares of Western Asset Intermediate Muni Fund by 0.6% in the first quarter. Rivernorth Capital Management LLC now owns 1,187,933 shares of the company’s stock worth $9,123,000 after buying an additional 7,396 shares during the period. Royal Bank of Canada boosted its holdings in shares of Western Asset Intermediate Muni Fund by 7.5% in the first quarter. Royal Bank of Canada now owns 67,497 shares of the company’s stock worth $518,000 after buying an additional 4,716 shares during the period. Cetera Investment Advisers boosted its holdings in shares of Western Asset Intermediate Muni Fund by 1.8% in the first quarter. Cetera Investment Advisers now owns 180,685 shares of the company’s stock worth $1,388,000 after buying an additional 3,257 shares during the period. Private Advisor Group LLC boosted its holdings in shares of Western Asset Intermediate Muni Fund by 61.1% in the first quarter. Private Advisor Group LLC now owns 22,035 shares of the company’s stock worth $169,000 after buying an additional 8,357 shares during the period. Finally, Northwest Financial Advisors boosted its holdings in shares of Western Asset Intermediate Muni Fund by 5.9% in the first quarter. Northwest Financial Advisors now owns 46,461 shares of the company’s stock worth $357,000 after buying an additional 2,591 shares during the period.

Western Asset Intermediate Muni Fund Company Profile

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.