Allspring Multi-Sector Income Fund (NYSEAMERICAN:ERC) Sees Large Drop in Short Interest

Allspring Multi-Sector Income Fund (NYSEAMERICAN:ERC) was the target of a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 29,200 shares, a drop of 36.5% from the February 13th total of 46,000 shares. Based on an average daily volume of 126,900 shares, the days-to-cover ratio is currently 0.2 days.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in ERC. Selway Asset Management lifted its position in shares of Allspring Multi-Sector Income Fund by 5.2% during the fourth quarter. Selway Asset Management now owns 28,535 shares of the company’s stock valued at $262,000 after purchasing an additional 1,406 shares in the last quarter. Moors & Cabot Inc. lifted its position in shares of Allspring Multi-Sector Income Fund by 31.4% during the third quarter. Moors & Cabot Inc. now owns 18,000 shares of the company’s stock valued at $172,000 after purchasing an additional 4,300 shares in the last quarter. Avior Wealth Management LLC raised its position in Allspring Multi-Sector Income Fund by 69.8% in the fourth quarter. Avior Wealth Management LLC now owns 10,937 shares of the company’s stock worth $101,000 after acquiring an additional 4,496 shares during the period. VSM Wealth Advisory LLC bought a new stake in Allspring Multi-Sector Income Fund in the fourth quarter worth about $52,000. Finally, Concurrent Investment Advisors LLC raised its position in Allspring Multi-Sector Income Fund by 44.3% in the fourth quarter. Concurrent Investment Advisors LLC now owns 19,872 shares of the company’s stock worth $183,000 after acquiring an additional 6,101 shares during the period.

Allspring Multi-Sector Income Fund Price Performance

NYSEAMERICAN:ERC remained flat at $9.21 during trading hours on Friday. 109,686 shares of the company’s stock were exchanged, compared to its average volume of 105,873. The firm has a fifty day simple moving average of $9.17. Allspring Multi-Sector Income Fund has a 1-year low of $8.77 and a 1-year high of $9.58.

Allspring Multi-Sector Income Fund Dividend Announcement

The firm also recently disclosed a — dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Thursday, March 13th will be issued a dividend of $0.0727 per share. This represents a dividend yield of 8.9%. The ex-dividend date is Thursday, March 13th.

Allspring Multi-Sector Income Fund Company Profile

Allspring 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. The fund primarily invests in a mix of non-investment-grade corporate debt securities, including bank loan securities, foreign and emerging markets debt securities, adjustable and fixed-rate mortgages, and investment-grade corporate bonds.