Advent Convertible and Income Fund (NYSE:AVK) Short Interest Up 190.9% in September

Advent Convertible and Income Fund (NYSE:AVK) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totalling 1,450,000 shares, an increase of 190.9% from the September 15th total of 498,500 shares. Based on an average trading volume of 190,100 shares, the days-to-cover ratio is currently 7.6 days.

Advent Convertible and Income Fund Stock Performance

Shares of AVK opened at $11.51 on Friday. Advent Convertible and Income Fund has a fifty-two week low of $9.24 and a fifty-two week high of $12.97. The firm has a 50 day moving average price of $12.18 and a 200-day moving average price of $12.05.

Advent Convertible and Income Fund Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Wednesday, October 2nd will be issued a $0.1172 dividend. This represents a $1.41 dividend on an annualized basis and a dividend yield of 12.22%. This is a positive change from Advent Convertible and Income Fund’s previous monthly dividend of $0.09. The ex-dividend date of this dividend is Wednesday, October 2nd.

Institutional Investors Weigh In On Advent Convertible and Income Fund

Hedge funds have recently made changes to their positions in the business. Capital Wealth Alliance LLC bought a new stake in shares of Advent Convertible and Income Fund in the 1st quarter worth approximately $128,000. Jaffetilchin Investment Partners LLC bought a new stake in Advent Convertible and Income Fund during the 1st quarter valued at $130,000. Trust Investment Advisors bought a new stake in Advent Convertible and Income Fund during the 2nd quarter valued at $133,000. Park Avenue Securities LLC raised its holdings in Advent Convertible and Income Fund by 11.5% during the 1st 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 last quarter. Finally, Concurrent Investment Advisors LLC raised its holdings in Advent Convertible and Income Fund by 12.6% during the 1st quarter. Concurrent Investment Advisors LLC now owns 15,483 shares of the investment management company’s stock valued at $185,000 after buying an additional 1,729 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.