Insight Select Income Fund (NYSE:INSI) Sees Sharp Drop in Short-Term Interest
Insight Select Income Fund (NYSE:INSI) was the target of a sharp drop in short-term interest rates in January. As of January 15, there was short interest totaling 2,900 shares, a decrease of 32.6% from the total of 4,300 shares as of December 31. Based on an average daily volume of 23,800 shares, the short interest ratio is currently 0.1 day.
Hedge funds have recently changed their holdings in the company. Guggenheim Capital LLC increased its stake in shares of Insight Select Income Fund by 2.2% during the third quarter. Guggenheim Capital LLC now owns 52,281 shares of the company valued at $1,097,000 after purchasing an additional 1,128 shares last quarter. Raymond James Financial Services Advisors Inc. increased its holding in shares of Insight Select Income Fund by 5.3% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 37,599 shares of the company valued at $789,000 after buying an additional 1,900 shares last quarter. Morgan Stanley increased its holding in shares of Insight Select Income Fund by 13.6% during the first quarter. Morgan Stanley now owns 17,035 shares of the company valued at $348,000 after buying an additional 2,040 shares last quarter. Steph & Co. bought a new equity position in Insight Select Income Fund during Q4, valued at $51,000. Finally, LPL Financial LLC increased its stake in the shares of Insight Select Income Fund by 12.9% during the third quarter. LPL Financial LLC now owns 20,649 shares of the company valued at $433,000 after purchasing an additional 2,357 shares last quarter. 22.67% of the shares are held by hedge funds and other institutional investors.
INSI shares traded down $0.17 at midday on Monday, hitting $19.18. 38,836 shares of the company were traded, compared to its average volume of 46,032. The Insight Select Income Fund has a 12-month low of $18.89 and a 12-month high of $23.27. The company has a 50-day moving average price of $21.01 and a two-hundred-day moving average price of $21.42.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 29. Shareholders of record on Wednesday, December 22 received a dividend of $0.539 per share. This is an increase from Insight Select Income Fund’s previous quarterly dividend of $0.20. The ex-dividend date was Tuesday, December 21. This represents a dividend of $2.16 on an annualized basis and a dividend yield of 11.24%.
Insight Select Income Fund Company Profile
Insight Select Income Fund is a closed-end, fixed-income mutual fund launched and managed by Cutwater Asset Management Corp. The fund invests in US fixed income markets. It invests primarily in short-term and long-term debt securities. The fund invests in securities rated in the four highest ratings by Moody’s or Standard & Poor’s, US bonds
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