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PAI

Western Asset Investment Grade Income FundNYSE:PAI Stock Report

Last Price

US$14.61

Market Cap

US$139.0m

7D

-2.6%

1Y

-6.9%

Updated

19 Jan, 2022

Data

Company Financials
PAI fundamental analysis
Snowflake Score
Valuation4/6
Future Growth0/6
Past Performance3/6
Financial Health6/6
Dividends3/6

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

Summary of all time highs, changes and price drops for Western Asset Investment Grade Income Fund
Historical stock prices
Current Share PriceUS$14.61
52 Week HighUS$17.41
52 Week LowUS$14.55
Beta0.38
1 Month Change-5.17%
3 Month Change-6.52%
1 Year Change-6.86%
3 Year Change6.83%
5 Year Change3.72%
Change since IPO-5.72%

Recent News & Updates

Shareholder Returns

PAIUS Capital MarketsUS 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

Is PAI's price volatile compared to industry and market?
PAI volatility
PAI Average Weekly Movement2.8%
Capital Markets Industry Average Movement0.7%
Market Average Movement6.6%
10% most volatile stocks in US Market15.7%
10% least volatile stocks in US Market2.4%

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

FoundedEmployeesCEOWebsite
1973n/aKen Fullerhttps://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

How do Western Asset Investment Grade Income Fund's earnings and revenue compare to its market cap?
PAI fundamental statistics
Market CapUS$138.97m
Earnings (TTM)US$11.32m
Revenue (TTM)US$6.67m

12.3x

P/E Ratio

20.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
PAI income statement (TTM)
RevenueUS$6.67m
Cost of RevenueUS$0
Gross ProfitUS$6.67m
Expenses-US$4.65m
EarningsUS$11.32m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)1.19
Gross Margin100.00%
Net Profit Margin169.68%
Debt/Equity Ratio0.0%

How did PAI perform over the long term?

See historical performance and comparison

Dividends

3.8%

Current Dividend Yield

48%

Payout Ratio

Does PAI pay a reliable dividends?

See PAI dividend history and benchmarks
When do you need to buy PAI by to receive an upcoming dividend?
Western Asset Investment Grade Income Fund dividend dates
Ex Dividend DateJan 21 2022
Dividend Pay DateFeb 01 2022
Days until Ex dividend0 days
Days until Dividend pay date11 days

Does PAI pay a reliable dividends?

See PAI dividend history and benchmarks

Valuation

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


Location

  • Western Asset Investment Grade Income Fund Inc.
  • 385 East Colorado Boulevard
  • Pasadena
  • California
  • 91101
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/19 23:42
End of Day Share Price2022/01/19 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.