Wells Fargo Advantage Multi-Sector Income Fund (ERC) Short Interest Down 93.1% in August

Wells Fargo Advantage Multi-Sector Income Fund (NYSEAMERICAN:ERC) saw a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 2,963 shares, a decrease of 93.1% from the August 15th total of 43,058 shares. Based on an average trading volume of 85,398 shares, the days-to-cover ratio is presently 0.0 days.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Royal Bank of Canada boosted its stake in Wells Fargo Advantage Multi-Sector Income Fund by 16.3% in the 1st quarter. Royal Bank of Canada now owns 720,934 shares of the company’s stock worth $9,408,000 after purchasing an additional 101,306 shares during the period. Raymond James & Associates boosted its position in shares of Wells Fargo Advantage Multi-Sector Income Fund by 23.4% during the 2nd quarter. Raymond James & Associates now owns 252,237 shares of the company’s stock valued at $3,148,000 after acquiring an additional 47,860 shares during the last quarter. Stifel Financial Corp boosted its position in shares of Wells Fargo Advantage Multi-Sector Income Fund by 125.2% during the 1st quarter. Stifel Financial Corp now owns 222,132 shares of the company’s stock valued at $2,900,000 after acquiring an additional 123,507 shares during the last quarter. Guggenheim Capital LLC boosted its position in shares of Wells Fargo Advantage Multi-Sector Income Fund by 47.2% during the 1st quarter. Guggenheim Capital LLC now owns 196,356 shares of the company’s stock valued at $2,562,000 after acquiring an additional 62,998 shares during the last quarter. Finally, BlackRock Inc. bought a new stake in shares of Wells Fargo Advantage Multi-Sector Income Fund during the 2nd quarter valued at about $2,134,000.

Shares of ERC stock traded down $0.12 on Friday, hitting $12.04. 163,086 shares of the stock were exchanged, compared to its average volume of 149,731. Wells Fargo Advantage Multi-Sector Income Fund has a one year low of $12.00 and a one year high of $13.40.

The business also recently announced a monthly dividend, which will be paid on Thursday, November 1st. Shareholders of record on Monday, October 15th will be paid a $0.1056 dividend. The ex-dividend date of this dividend is Friday, October 12th. This represents a $1.27 annualized dividend and a yield of 10.52%.

About Wells Fargo Advantage Multi-Sector Income Fund

Wells Fargo Advantage Multi-Sector Income Fund is a closed-ended fixed income mutual fund launched and managed by Wells Fargo Funds Management, LLC. The fund is co-managed by First International Advisors, Inc and Wells Capital Management Incorporated. It invests in fixed income markets across the globe.

Further Reading: How to calculate the intrinsic value of a stock

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