The PIMCO Intermediate Municipal Bond Exchange-Traded Fund (NYSEARCA:MUNI) experienced a notable rise in short interest in December 2023. As of December 15, the fund reported short interest totaling 83,702 shares, marking a significant increase of 70.3% compared to the 49,136 shares reported on November 30. Currently, short positions account for 0.2% of the fund’s total shares outstanding.
Investor interest in the fund remains dynamic, as evidenced by the days-to-cover ratio, which stands at 0.2 days based on an average daily trading volume of 348,725 shares. This metric indicates a relatively low level of short-selling activity.
Institutional Investors Adjust Holdings
A variety of institutional investors have recently modified their stakes in the PIMCO Intermediate Municipal Bond Exchange-Traded Fund. Notably, JPMorgan Chase & Co. increased its holdings by 6.4% during the third quarter, now owning 1,243,849 shares, valued at approximately $65,028,000 after acquiring an additional 74,920 shares.
Other institutional moves include Newman Dignan & Sheerar Inc., which initiated a new position in the second quarter valued at around $3,456,000. Similarly, Arkadios Wealth Advisors acquired a new stake worth about $2,241,000 in the third quarter.
Additionally, Integrated Wealth Concepts LLC expanded its investment by 68.9% during the first quarter, bringing its total to 104,513 shares, valued at $5,388,000. Jones Financial Companies Lllp also boosted its position by 24.3% in the third quarter, now holding 121,842 shares worth $6,366,000.
PIMCO Intermediate Municipal Bond ETF Performance
On December 19, 2023, MUNI saw a slight uptick, trading at $52.57. During this trading session, 119,153 shares changed hands, compared to an average trading volume of 331,203 shares. The fund’s stock has shown resilience, with a 50-day moving average of $52.53 and a 200-day moving average of $51.93. Over the past year, the ETF has fluctuated between a low of $49.58 and a high of $52.75.
The PIMCO Intermediate Municipal Bond Exchange-Traded Fund aims to achieve its investment objective by investing at least 80% of its assets in a diversified portfolio of municipal bonds, which are deemed exempt from federal income tax. Municipal bonds are issued by states, local governments, and various government agencies.
As interest rates and market conditions evolve, the dynamics surrounding MUNI will likely continue to attract attention from both individual and institutional investors.
