Pioneer Floating Rate Fund, Inc. (NYSE:PHD) Sees Significant Decrease in Short Interest

Pioneer Floating Rate Fund, Inc. (NYSE:PHD) was the target of a significant drop in short interest in March. As of March 15th, there was short interest totalling 30,700 shares, a drop of 73.9% from the February 28th total of 117,500 shares. Based on an average daily trading volume, of 66,200 shares, the days-to-cover ratio is currently 0.5 days.

Institutional Investors Weigh In On Pioneer Floating Rate Fund

Several hedge funds have recently bought and sold shares of PHD. Stifel Financial Corp bought a new stake in Pioneer Floating Rate Fund in the third quarter valued at approximately $123,000. Raymond James Financial Inc. bought a new stake in Pioneer Floating Rate Fund in the 4th quarter valued at $209,000. Virtus ETF Advisers LLC lifted its holdings in Pioneer Floating Rate Fund by 20.6% during the 4th quarter. Virtus ETF Advisers LLC now owns 84,736 shares of the investment management company’s stock valued at $820,000 after purchasing an additional 14,492 shares during the last quarter. Shaker Financial Services LLC boosted its position in Pioneer Floating Rate Fund by 13.4% during the fourth quarter. Shaker Financial Services LLC now owns 107,446 shares of the investment management company’s stock worth $1,040,000 after purchasing an additional 12,658 shares during the period. Finally, Clear Creek Financial Management LLC increased its holdings in shares of Pioneer Floating Rate Fund by 4.0% in the fourth quarter. Clear Creek Financial Management LLC now owns 143,069 shares of the investment management company’s stock valued at $1,385,000 after purchasing an additional 5,542 shares during the last quarter.

Pioneer Floating Rate Fund Stock Performance

NYSE PHD traded up $0.04 on Friday, hitting $9.47. 62,346 shares of the stock were exchanged, compared to its average volume of 57,907. The business’s fifty day moving average is $9.59 and its 200 day moving average is $9.74. Pioneer Floating Rate Fund has a 52 week low of $9.25 and a 52 week high of $10.05.

Pioneer Floating Rate Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.90 dividend on an annualized basis and a dividend yield of 9.51%.

Pioneer Floating Rate Fund Company Profile

Pioneer Floating Rate Fund, Inc is closed ended fixed income mutual fund launched and managed by Pioneer Investment Management, Inc It invests in the fixed income markets of the United States. The fund primarily invests in senior secured floating-rate loans. It benchmarks the performance of its portfolio against the Barclays U.S.