Western Asset Investment Grade Income Fund
Market Cap
US$143.4m
Last Updated
2021/02/25 00:25 UTC
Data Sources
Company Financials
Executive Summary
Western Asset Income Fund is a closed-ended fixed income mutual fund launched and managed by Western Asset Management Company. More Details
Rewards
Snowflake Analysis
Share Price & News
How has Western Asset Investment Grade Income Fund's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: PAI is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 1% a week.
Volatility Over Time: PAI's weekly volatility (1%) has been stable over the past year.
Market Performance
7 Day Return
-3.6%
PAI
0.2%
US Capital Markets
-1.4%
US Market
1 Year Return
-2.1%
PAI
33.4%
US Capital Markets
37.1%
US Market
Return vs Industry: PAI underperformed the US Capital Markets industry which returned 29% over the past year.
Return vs Market: PAI underperformed the US Market which returned 34.1% over the past year.
Shareholder returns
| PAI | Industry | Market | |
|---|---|---|---|
| 7 Day | -3.6% | 0.2% | -1.4% |
| 30 Day | -3.8% | 7.6% | 1.6% |
| 90 Day | -1.6% | 18.4% | 7.3% |
| 1 Year | 1.9%-2.1% | 36.8%33.4% | 40.2%37.1% |
| 3 Year | 22.3%6.8% | 41.4%30.9% | 62.5%52.1% |
| 5 Year | 48.8%18.4% | 152.2%120.9% | 133.9%108.0% |
Long-Term Price Volatility Vs. Market
How volatile is Western Asset Investment Grade Income Fund's share price compared to the market and industry in the last 5 years?
Simply Wall St News
No news available
Valuation
Is Western Asset Investment Grade Income Fund undervalued compared to its fair value and its price relative to the market?
18.44x
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: PAI ($15.09) is trading above our estimate of fair value ($14.49)
Significantly Below Fair Value: PAI is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: PAI is good value based on its PE Ratio (18.4x) compared to the US Capital Markets industry average (23.8x).
PE vs Market: PAI is good value based on its PE Ratio (18.4x) compared to the US market (21.5x).
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 (1x) compared to the US Capital Markets industry average (10.6x).
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?
13.4%
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?
20.5%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: PAI has a large one-off gain of $4.5M impacting its June 30 2020 financial results.
Growing Profit Margin: PAI's current net profit margins are lower than last year .
Past Earnings Growth Analysis
Earnings Trend: PAI's earnings have grown significantly by 20.5% per year over the past 5 years.
Accelerating Growth: PAI's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: PAI had negative earnings growth (-43%) over the past year, making it difficult to compare to the Capital Markets industry average (7.6%).
Return on Equity
High ROE: PAI's Return on Equity (5.3%) 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 ($2.7M) exceed its short term liabilities ($982.5K).
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?
3.70%
Current Dividend Yield
Upcoming Dividend Payment
Dividend Yield vs Market
Notable Dividend: PAI's dividend (3.7%) is higher than the bottom 25% of dividend payers in the US market (1.34%).
High Dividend: PAI's dividend (3.7%) is low compared to the top 25% of dividend payers in the US market (3.75%).
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: At its current payout ratio (81%), PAI's payments are 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?
16.1yrs
Average board tenure
CEO
Ken Fuller (62 yo)
7.75yrs
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. Mr. Full...
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Chief Executive Officer | 7.75yrs | no data | no data | |
| Chairman | no data | no data | no data | |
| Director | 7.75yrs | no data | no data | |
| Director | 16.08yrs | no data | 0.011% $ 15.1k | |
| Director | 17.08yrs | no data | no data | |
| Independent Director | 14yrs | no data | no data | |
| Director | 23yrs | no data | 0.011% $ 15.1k | |
| Director | 23.42yrs | US$2.44k | no data | |
| Director Nominee | no data | no data | no data |
16.1yrs
Average Tenure
69yo
Average Age
Experienced Board: PAI's board of directors are seasoned and experienced ( 16.1 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 company bio, 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
- Market Cap: US$143.405m
- Shares outstanding: 9.50m
- 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
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| PAI | NYSE (New York Stock Exchange) | Yes | Common Shares | US | USD | Mar 1973 |
Biography
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...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/02/25 00:25 |
| End of Day Share Price | 2021/02/24 00:00 |
| Earnings | 2020/06/30 |
| Annual Earnings | 2019/12/31 |
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.