Wells Fargo Multi-Sector Income Fund (NYSE:ERC) announced a monthly dividend on Monday, July 31st, Wall Street Journal reports. Investors of record on Tuesday, August 15th will be given a dividend of 0.1073 per share by the closed-end fund on Friday, September 1st. This represents a $1.29 dividend on an annualized basis and a yield of 9.72%. The ex-dividend date of this dividend is Friday, August 11th. This is a boost from Wells Fargo Multi-Sector Income Fund’s previous monthly dividend of $0.11.
Wells Fargo Multi-Sector Income Fund has decreased its dividend payment by an average of 1.9% per year over the last three years.
Shares of Wells Fargo Multi-Sector Income Fund (NYSE ERC) opened at 13.25 on Friday. The company has a 50-day moving average of $13.39 and a 200-day moving average of $13.37. Wells Fargo Multi-Sector Income Fund has a 1-year low of $11.79 and a 1-year high of $13.65.
In related news, major shareholder Saba Capital Management, L.P. sold 95,626 shares of the business’s stock in a transaction that occurred on Monday, June 19th. The stock was sold at an average price of $13.45, for a total transaction of $1,286,169.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold a total of 206,463 shares of company stock worth $2,775,086 over the last three months.
About Wells Fargo Multi-Sector Income Fund
Wells Fargo Multi-Sector Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund’s investment objective is to seek a high level of current income consistent with limiting its overall exposure to domestic interest rate risk. The Fund’s portfolio includes agency securities, asset-backed securities, common stocks, corporate bonds and notes, foreign corporate bonds and notes, foreign government bonds, loans, municipal obligations, non-agency mortgage-backed securities and short-term investments.
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