Shares of the PGIM High Yield Bond Fund, Inc. (NYSE:ISD) fell below their fifty-day moving average during trading on Friday, marking a notable moment for the fund. The stock, which has a fifty-day moving average of $14.50, dropped as low as $14.45 before closing at $14.4550. A total of 66,831 shares changed hands during the day, reflecting a decline of 0.2%.
Dividend Announcement and Trading Activity
In addition to the stock’s recent performance, the PGIM High Yield Bond Fund announced a monthly dividend of $0.105 per share. This dividend will be paid on February 27, 2024, to stockholders of record as of February 12, 2024. This payout represents a significant annualized dividend yield of 8.7%.
The fund’s fifty-day simple moving average currently stands at $14.50, while the two-hundred-day simple moving average is slightly lower at $14.44. These figures are crucial indicators for investors monitoring the fund’s performance in the high-yield bond market.
Institutional Investment Trends
Institutional interest in PGIM High Yield Bond Fund has been notably dynamic, with several hedge funds recently adjusting their positions. For instance, Strategic Advocates LLC acquired a new stake valued at approximately $31,000 in the third quarter. Meanwhile, David J Yvars Group also entered the fund, purchasing shares valued at $157,000 during the same period.
Intellus Advisors LLC increased its stake in the fund by 6.7% in the second quarter, owning 11,642 shares valued at $165,000 after acquiring an additional 734 shares. Another significant move came from Beacon Pointe Advisors LLC, which boosted its investment by 25.6%, bringing its total to 14,772 shares worth $209,000.
Additionally, Integrated Wealth Concepts LLC made a notable entry into the fund during the first quarter with an investment of $217,000. These movements reflect a growing confidence among institutional investors in the high-yield corporate debt market.
About the PGIM High Yield Bond Fund:
The PGIM High Yield Bond Fund (NYSE:ISD) is designed to provide investors with extensive exposure to the high-yield corporate debt sector. Managed by PGIM Investments, the fund primarily invests in U.S. dollar-denominated, below-investment-grade corporate bonds. Its open-end structure offers daily liquidity, allowing investors to access a diversified portfolio of high-yield debt instruments across various industries. The investment strategy emphasizes rigorous, bottom-up credit research conducted by PGIM’s global fixed income team, aiming to generate sustainable income for investors.
