PIMCO Closed-End Funds Announce Closing of Reorganizations
Written by Emily J. Thompson, Senior Investment Analyst
Source: Newsfilter
Mergers Completed: PIMCO has completed several mergers involving its municipal income funds, including the consolidation of various funds into PIMCO Municipal Income Fund II, PIMCO New York Municipal Income Fund II, and PIMCO California Municipal Income Fund. Shareholders received newly-issued common shares based on the net asset value (NAV) of their previous holdings.
Company Background: PIMCO, founded in 1971 and owned by Allianz S.E., is a leading fixed income investment manager with a global presence and over 3,000 professionals dedicated to creating investment opportunities.
Analyst Views on PCQ
Wall Street analysts forecast PCQ stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for PCQ is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About PCQ
PIMCO California Municipal Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is to provide current income exempt from federal and California income tax. Under normal circumstances, the Fund will invest at least 90% of its net assets in municipal bonds which pay interest that is exempt from regular federal and California income taxes. The Fund may invest up to 20% of its total assets in investments the interest from which is subject to the federal alternative minimum tax. The Fund may invest up to 20% of its net assets in municipal bonds that are, at the time of investment, rated Ba/BB or B by Moody's Investors Service, Inc., S&P Global Ratings or Fitch, Inc. or lower or that are unrated but judged to be of comparable quality by Pacific Investment Management Company LLC (PIMCO). The Fund portfolio allocations include ad valorem property tax, sales tax revenue and general fund. The Fund's investment manager is PIMCO.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
