Western Asset Intermediate Muni Fund (NYSE:SBI) Stock Price Passes Below Fifty Day Moving Average – Here’s What Happened

Western Asset Intermediate Muni Fund Inc. (NYSE:SBI) shares crossed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $7.81 and traded as low as $7.69. Western Asset Intermediate Muni Fund shares last traded at $7.7050, with a volume of 81,604 shares trading hands.

Western Asset Intermediate Muni Fund Stock Performance

The firm’s 50-day simple moving average is $7.81 and its 200 day simple moving average is $7.81.

Western Asset Intermediate Muni Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, May 29th. Shareholders of record on Thursday, May 21st will be given a dividend of $0.042 per share. This represents a c) annualized dividend and a yield of 6.5%. The ex-dividend date is Thursday, May 21st.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. grew its stake in shares of Western Asset Intermediate Muni Fund by 55.5% during the second quarter. Invesco Ltd. now owns 205,096 shares of the company’s stock worth $1,542,000 after buying an additional 73,181 shares during the last quarter. Wells Fargo & Company MN grew its stake in shares of Western Asset Intermediate Muni Fund by 19.5% during the fourth quarter. Wells Fargo & Company MN now owns 399,208 shares of the company’s stock worth $3,066,000 after buying an additional 65,251 shares during the last quarter. Castle Wealth Management LLC bought a new stake in shares of Western Asset Intermediate Muni Fund during the third quarter worth $258,000. Northwest Financial Advisors grew its stake in shares of Western Asset Intermediate Muni Fund by 225.0% during the fourth quarter. Northwest Financial Advisors now owns 43,870 shares of the company’s stock worth $337,000 after buying an additional 30,370 shares during the last quarter. Finally, Wolverine Asset Management LLC bought a new stake in shares of Western Asset Intermediate Muni Fund during the fourth quarter worth $196,000.

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.