Kovack Advisors Inc. Purchases Shares of 10,000 Pioneer Floating Rate Fund, Inc. (NYSE:PHD)

Kovack Advisors Inc. bought a new position in Pioneer Floating Rate Fund, Inc. (NYSE:PHD) during the third quarter, HoldingsChannel.com reports. The fund bought 10,000 shares of the investment management company’s stock, valued at approximately $99,000.

Several other large investors have also recently modified their holdings of PHD. Avantax Advisory Services Inc. bought a new position in Pioneer Floating Rate Fund in the first quarter worth about $101,000. Advisors Asset Management Inc. lifted its position in Pioneer Floating Rate Fund by 72.8% during the first quarter. Advisors Asset Management Inc. now owns 224,884 shares of the investment management company’s stock valued at $2,177,000 after purchasing an additional 94,750 shares during the period. Clear Creek Financial Management LLC boosted its stake in shares of Pioneer Floating Rate Fund by 7.4% in the second quarter. Clear Creek Financial Management LLC now owns 124,103 shares of the investment management company’s stock worth $1,199,000 after buying an additional 8,588 shares during the last quarter. Rothschild Investment LLC purchased a new position in shares of Pioneer Floating Rate Fund during the 2nd quarter valued at approximately $240,000. Finally, Lake Street Private Wealth LLC raised its position in shares of Pioneer Floating Rate Fund by 5.7% in the third quarter. Lake Street Private Wealth LLC now owns 703,350 shares of the investment management company’s stock worth $6,963,000 after acquiring an additional 37,750 shares during the period.

Pioneer Floating Rate Fund Price Performance

Shares of PHD opened at $9.82 on Friday. The stock’s 50 day moving average is $9.87 and its two-hundred day moving average is $9.82. Pioneer Floating Rate Fund, Inc. has a 12 month low of $8.84 and a 12 month high of $10.05.

Pioneer Floating Rate Fund Cuts Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be given a dividend of $0.085 per share. This represents a $1.02 annualized dividend and a dividend yield of 10.39%. The ex-dividend date of this dividend is Friday, November 15th.

Pioneer Floating Rate Fund Profile

Pioneer Floating Rate Fund, Inc is closed ended fixed income mutual fund launched and managed by Pioneer Investment Management, Inc It invests in the fixed income markets of the United States. The fund primarily invests in senior secured floating-rate loans. It benchmarks the performance of its portfolio against the Barclays U.S.