Advent Convertible and Income Fund (NYSE:AVK) Short Interest Update

Advent Convertible and Income Fund (NYSE:AVK) was the target of a large growth in short interest in the month of September. As of September 15th, there was short interest totalling 498,500 shares, a growth of 71.5% from the August 31st total of 290,700 shares. Based on an average daily trading volume, of 162,400 shares, the days-to-cover ratio is presently 3.1 days.

Institutional Investors Weigh In On Advent Convertible and Income Fund

Several hedge funds have recently made changes to their positions in AVK. Capital Wealth Alliance LLC acquired a new position in Advent Convertible and Income Fund in the 1st quarter valued at $128,000. Jaffetilchin Investment Partners LLC bought a new stake in Advent Convertible and Income Fund in the first quarter worth about $130,000. Trust Investment Advisors purchased a new stake in shares of Advent Convertible and Income Fund during the second quarter valued at $133,000. Park Avenue Securities LLC raised its position in Advent Convertible and Income Fund by 11.5% during the first quarter. Park Avenue Securities LLC now owns 13,064 shares of the investment management company’s stock valued at $156,000 after buying an additional 1,348 shares during the period. Finally, Concurrent Investment Advisors LLC raised its position in Advent Convertible and Income Fund by 12.6% during the first quarter. Concurrent Investment Advisors LLC now owns 15,483 shares of the investment management company’s stock valued at $185,000 after acquiring an additional 1,729 shares in the last quarter.

Advent Convertible and Income Fund Price Performance

Advent Convertible and Income Fund stock remained flat at $11.44 during midday trading on Friday. The company’s stock had a trading volume of 197,668 shares, compared to its average volume of 127,763. Advent Convertible and Income Fund has a one year low of $9.24 and a one year high of $12.97. The stock’s fifty day moving average is $12.39 and its 200-day moving average is $12.07.

Advent Convertible and Income Fund Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Wednesday, October 2nd will be paid a $0.1172 dividend. The ex-dividend date of this dividend is Wednesday, October 2nd. This represents a $1.41 dividend on an annualized basis and a yield of 12.29%. This is a boost from Advent Convertible and Income Fund’s previous monthly dividend of $0.09.

About Advent Convertible and Income Fund

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.