Advent Convertible and Income Fund (NYSE:AVK) Share Price Passes Above 50-Day Moving Average of $12.30

Shares of Advent Convertible and Income Fund (NYSE:AVK) crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $12.30 and traded as high as $12.79. Advent Convertible and Income Fund shares last traded at $12.71, with a volume of 62,199 shares trading hands.

Advent Convertible and Income Fund Stock Performance

The company’s fifty day simple moving average is $12.30 and its two-hundred day simple moving average is $12.01.

Advent Convertible and Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, August 30th. Investors of record on Thursday, August 15th will be issued a $0.1172 dividend. The ex-dividend date is Thursday, August 15th. This represents a $1.41 dividend on an annualized basis and a dividend yield of 11.07%.

Hedge Funds Weigh In On Advent Convertible and Income Fund

A number of hedge funds have recently added to or reduced their stakes in AVK. Vanguard Capital Wealth Advisors raised its stake in shares of Advent Convertible and Income Fund by 9.8% in the fourth quarter. Vanguard Capital Wealth Advisors now owns 21,597 shares of the investment management company’s stock worth $246,000 after purchasing an additional 1,927 shares during the last quarter. MeadowBrook Investment Advisors LLC purchased a new stake in Advent Convertible and Income Fund in the 4th quarter valued at $55,000. Shaker Financial Services LLC lifted its stake in Advent Convertible and Income Fund by 8.1% during the 4th quarter. Shaker Financial Services LLC now owns 227,821 shares of the investment management company’s stock valued at $2,593,000 after acquiring an additional 17,138 shares in the last quarter. Formidable Asset Management LLC lifted its stake in Advent Convertible and Income Fund by 1.2% during the 4th quarter. Formidable Asset Management LLC now owns 133,961 shares of the investment management company’s stock valued at $1,524,000 after acquiring an additional 1,525 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in Advent Convertible and Income Fund by 4.9% during the 4th quarter. Wells Fargo & Company MN now owns 738,762 shares of the investment management company’s stock worth $8,407,000 after acquiring an additional 34,251 shares during the last quarter.

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.