Short Interest in Advent Convertible and Income Fund (NYSE:AVK) Expands By 8.5%

Advent Convertible and Income Fund (NYSE:AVK) saw a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 94,800 shares, an increase of 8.5% from the May 31st total of 87,400 shares. Based on an average daily volume of 101,500 shares, the days-to-cover ratio is presently 0.9 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. 9258 Wealth Management LLC raised its stake in Advent Convertible and Income Fund by 1.6% during the first quarter. 9258 Wealth Management LLC now owns 59,423 shares of the investment management company’s stock valued at $710,000 after buying an additional 908 shares during the last quarter. Capital Investment Advisors LLC raised its stake in Advent Convertible and Income Fund by 8.8% during the fourth quarter. Capital Investment Advisors LLC now owns 12,419 shares of the investment management company’s stock valued at $141,000 after buying an additional 1,000 shares during the last quarter. Stolper Co raised its stake in Advent Convertible and Income Fund by 1.9% during the fourth quarter. Stolper Co now owns 55,372 shares of the investment management company’s stock valued at $630,000 after buying an additional 1,019 shares during the last quarter. Atomi Financial Group Inc. raised its stake in Advent Convertible and Income Fund by 7.4% during the first quarter. Atomi Financial Group Inc. now owns 16,782 shares of the investment management company’s stock valued at $200,000 after buying an additional 1,163 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Advent Convertible and Income Fund by 0.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 129,619 shares of the investment management company’s stock valued at $1,548,000 after buying an additional 1,218 shares during the last quarter.

Advent Convertible and Income Fund Stock Performance

AVK opened at $11.85 on Thursday. The business has a 50 day moving average of $11.90 and a 200-day moving average of $11.74. Advent Convertible and Income Fund has a 52 week low of $9.24 and a 52 week high of $12.22.

Advent Convertible and Income Fund Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Monday, July 15th will be paid a $0.1172 dividend. This represents a $1.41 dividend on an annualized basis and a dividend yield of 11.87%. The ex-dividend date of this dividend is Monday, July 15th. This is a boost from Advent Convertible and Income Fund’s previous monthly dividend of $0.12.

Advent Convertible and Income Fund Company Profile

Advent Claymore Convertible Securities and Income Fund is a closed-ended fixed income mutual fund launched and managed by Advent Capital Management, LLC. The fund primarily invests in the fixed income markets of the United States. It seeks to invest in securities of companies operating across the diversified sectors.