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

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

Pioneer Floating Rate Fund Stock Performance

NYSE PHD opened at $9.47 on Thursday. The stock’s 50 day simple moving average is $9.60 and its 200 day simple moving average is $9.75. Pioneer Floating Rate Fund has a one year low of $9.25 and a one year high of $10.05.

Pioneer Floating Rate Fund Dividend Announcement

The firm 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 dividend of $0.075 per share. This represents a $0.90 annualized dividend and a dividend yield of 9.51%. The ex-dividend date is Friday, March 14th.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Stifel Financial Corp acquired a new stake in Pioneer Floating Rate Fund in the 3rd quarter valued at about $123,000. Clear Creek Financial Management LLC grew its stake in shares of Pioneer Floating Rate Fund by 4.0% during 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. Raymond James Financial Inc. acquired a new stake in shares of Pioneer Floating Rate Fund in the fourth quarter valued at approximately $209,000. Invesco Ltd. increased its holdings in shares of Pioneer Floating Rate Fund by 8.1% in the fourth quarter. Invesco Ltd. now owns 346,491 shares of the investment management company’s stock valued at $3,354,000 after purchasing an additional 25,857 shares in the last quarter. Finally, Shaker Financial Services LLC raised its position in Pioneer Floating Rate Fund by 13.4% in the 4th 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 last quarter.

About Pioneer Floating Rate Fund

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.