MFS Intermediate Income Trust (NYSE:MIN) Stock Passes Above 50 Day Moving Average – Here’s Why

MFS Intermediate Income Trust (NYSE:MIN) crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $2.62 and traded as high as $2.62. MFS Intermediate Income Trust shares last traded at $2.6050, with a volume of 221,295 shares trading hands.

MFS Intermediate Income Trust Trading Down 0.2%

The business has a 50-day moving average price of $2.62 and a two-hundred day moving average price of $2.65.

MFS Intermediate Income Trust Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, February 27th. Shareholders of record on Tuesday, February 17th will be paid a dividend of $0.0192 per share. This represents a c) dividend on an annualized basis and a yield of 8.8%. The ex-dividend date of this dividend is Tuesday, February 17th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MIN. Osaic Holdings Inc. lifted its stake in shares of MFS Intermediate Income Trust by 1,566.8% in the 2nd quarter. Osaic Holdings Inc. now owns 2,080,926 shares of the financial services provider’s stock worth $5,639,000 after acquiring an additional 1,956,078 shares during the period. M Holdings Securities Inc. purchased a new stake in shares of MFS Intermediate Income Trust in the second quarter valued at $703,000. Advisors Asset Management Inc. purchased a new stake in MFS Intermediate Income Trust in the 2nd quarter worth about $628,000. Ameriprise Financial Inc. boosted its holdings in shares of MFS Intermediate Income Trust by 6.8% during the third quarter. Ameriprise Financial Inc. now owns 3,232,821 shares of the financial services provider’s stock worth $8,664,000 after purchasing an additional 206,565 shares during the period. Finally, Bank of America Corp DE boosted its stake in shares of MFS Intermediate Income Trust by 26.2% during the 3rd quarter. Bank of America Corp DE now owns 898,697 shares of the financial services provider’s stock valued at $2,409,000 after buying an additional 186,567 shares during the period. Institutional investors own 50.90% of the company’s stock.

About MFS Intermediate Income Trust

MFS Intermediate Income Trust (NYSE: MIN) is a closed-end management investment company that seeks to provide a high level of current income consistent with the preservation of capital. The Trust pursues its objective by investing primarily in a diversified portfolio of intermediate-duration fixed-income securities. Its holdings typically include investment-grade corporate bonds, mortgage- and asset-backed securities, and select non-investment-grade debt instruments. The Trust may employ leverage to enhance income potential and intends to distribute gains and interest earnings on a monthly basis.

The portfolio is managed by the fixed-income team at MFS Investment Management, a global asset manager founded in 1924 and headquartered in Boston, Massachusetts.