| Snowflake Score | |
|---|---|
| Valuation | 4/6 |
| Future Growth | 0/6 |
| Past Performance | 3/6 |
| Financial Health | 6/6 |
| Dividends | 3/6 |
PAI Stock Overview
Western Asset Income Fund is a closed-ended fixed income mutual fund launched and managed by Western Asset Management Company.
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$14.61 |
| 52 Week High | US$17.41 |
| 52 Week Low | US$14.55 |
| Beta | 0.38 |
| 1 Month Change | -5.17% |
| 3 Month Change | -6.52% |
| 1 Year Change | -6.86% |
| 3 Year Change | 6.83% |
| 5 Year Change | 3.72% |
| Change since IPO | -5.72% |
Recent News & Updates
Shareholder Returns
| PAI | US Capital Markets | US Market | |
|---|---|---|---|
| 7D | -2.6% | -5.5% | -4.6% |
| 1Y | -6.9% | 24.6% | 7.7% |
Return vs Industry: PAI underperformed the US Capital Markets industry which returned 25.7% over the past year.
Return vs Market: PAI underperformed the US Market which returned 10.2% over the past year.
Price Volatility
| PAI volatility | |
|---|---|
| PAI Average Weekly Movement | 2.8% |
| Capital Markets Industry Average Movement | 0.7% |
| Market Average Movement | 6.6% |
| 10% most volatile stocks in US Market | 15.7% |
| 10% least volatile stocks in US Market | 2.4% |
Stable Share Price: PAI is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: PAI's weekly volatility (3%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1973 | n/a | Ken Fuller | https://institutional.myleggmason.com/portal/server.pt?open=512&objID=1377&cached=true&mode=2&userID=225408&mktcd=PAI |
Western Asset Income Fund is a closed-ended fixed income mutual fund launched and managed by Western Asset Management Company. It is co-managed by Western Asset Management Company Limited. The fund invests in the fixed income markets of the United States.
Western Asset Investment Grade Income Fund Fundamentals Summary
| PAI fundamental statistics | |
|---|---|
| Market Cap | US$138.97m |
| Earnings (TTM) | US$11.32m |
| Revenue (TTM) | US$6.67m |
12.3x
P/E Ratio20.8x
P/S RatioIs PAI overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| PAI income statement (TTM) | |
|---|---|
| Revenue | US$6.67m |
| Cost of Revenue | US$0 |
| Gross Profit | US$6.67m |
| Expenses | -US$4.65m |
| Earnings | US$11.32m |
Last Reported Earnings
Jun 30, 2021
Next Earnings Date
n/a
| Earnings per share (EPS) | 1.19 |
| Gross Margin | 100.00% |
| Net Profit Margin | 169.68% |
| Debt/Equity Ratio | 0.0% |
How did PAI perform over the long term?
See historical performance and comparisonDividends
3.8%
Current Dividend Yield48%
Payout RatioDoes PAI pay a reliable dividends?
See PAI dividend history and benchmarks| Western Asset Investment Grade Income Fund dividend dates | |
|---|---|
| Ex Dividend Date | Jan 21 2022 |
| Dividend Pay Date | Feb 01 2022 |
| Days until Ex dividend | 0 days |
| Days until Dividend pay date | 11 days |
Does PAI pay a reliable dividends?
See PAI dividend history and benchmarksValuation
Is Western Asset Investment Grade Income Fund undervalued compared to its fair value and its price relative to the market?
13.7%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: PAI ($14.61) is trading below our estimate of fair value ($16.93)
Significantly Below Fair Value: PAI is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: PAI is good value based on its PE Ratio (12.3x) compared to the US Capital Markets industry average (15.5x).
PE vs Market: PAI is good value based on its PE Ratio (12.3x) compared to the US market (17x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate PAI's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: PAI is good value based on its PB Ratio (0.9x) compared to the US Capital Markets industry average (42.2x).
Future Growth
How is Western Asset Investment Grade Income Fund forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?
6.3%
Forecasted Diversified Financials industry annual growth in earnings
In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Western Asset Investment Grade Income Fund has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.
Past Performance
How has Western Asset Investment Grade Income Fund performed over the past 5 years?
5.0%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: PAI has a large one-off gain of $5.3M impacting its June 30 2021 financial results.
Growing Profit Margin: PAI's current net profit margins are higher than last year .
Past Earnings Growth Analysis
Earnings Trend: PAI's earnings have grown by 5% per year over the past 5 years.
Accelerating Growth: PAI's earnings growth over the past year (45.5%) exceeds its 5-year average (5% per year).
Earnings vs Industry: PAI earnings growth over the past year (45.5%) underperformed the Capital Markets industry 86.4%.
Return on Equity
High ROE: PAI's Return on Equity (7.5%) is considered low.
Financial Health
How is Western Asset Investment Grade Income Fund's financial position?
Financial Position Analysis
Short Term Liabilities: PAI's short term assets ($2.3M) exceed its short term liabilities ($1.4M).
Long Term Liabilities: PAI has no long term liabilities.
Debt to Equity History and Analysis
Debt Level: PAI is debt free.
Reducing Debt: PAI has not had any debt for past 5 years.
Debt Coverage: PAI has no debt, therefore it does not need to be covered by operating cash flow.
Interest Coverage: PAI has no debt, therefore coverage of interest payments is not a concern.
Balance Sheet
Dividend
What is Western Asset Investment Grade Income Fund current dividend yield, its reliability and sustainability?
3.82%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: PAI's dividend (3.82%) is higher than the bottom 25% of dividend payers in the US market (1.35%).
High Dividend: PAI's dividend (3.82%) is in the top 25% of dividend payers in the US market (3.48%)
Stability and Growth of Payments
Stable Dividend: PAI's dividend payments have been volatile in the past 10 years.
Growing Dividend: PAI's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (48.5%), PAI's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.
Management
How experienced are the management team and are they aligned to shareholders interests?
17.5yrs
Average board tenure
CEO
Ken Fuller (63 yo)
8.67yrs
Tenure
Mr. Kenneth Donald Fuller, also known as Ken, has been Chief Executive Officer and President of Western Asset High Income Opportunity Fund Inc. and LMP Corporate Loan Fund Inc. since June 1, 2013. He serve...
Board Members
Experienced Board: PAI's board of directors are seasoned and experienced ( 17.5 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Western Asset Investment Grade Income Fund Inc.'s employee growth, exchange listings and data sources
Key Information
- Name: Western Asset Investment Grade Income Fund Inc.
- Ticker: PAI
- Exchange: NYSE
- Founded: 1973
- Industry: Asset Management and Custody Banks
- Sector: Diversified Financials
- Implied Market Cap: US$138.969m
- Shares outstanding: 9.51m
- Website: https://institutional.myleggmason.com/portal/server.pt?open=512&objID=1377&cached=true&mode=2&userID=225408&mktcd=PAI
Location
- Western Asset Investment Grade Income Fund Inc.
- 385 East Colorado Boulevard
- Pasadena
- California
- 91101
- United States
Listings
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2022/01/19 23:42 |
| End of Day Share Price | 2022/01/19 00:00 |
| Earnings | 2021/06/30 |
| Annual Earnings | 2020/12/31 |
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.