Advent Convertible and Income Fund (NYSE:AVK) Stock Price Passes Below Two Hundred Day Moving Average – Time to Sell?

Advent Convertible and Income Fund (NYSE:AVK)’s stock price crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $12.01 and traded as low as $11.87. Advent Convertible and Income Fund shares last traded at $11.91, with a volume of 290,500 shares traded.

Advent Convertible and Income Fund Price Performance

The stock has a 50 day moving average price of $11.60 and a 200 day moving average price of $12.01.

Advent Convertible and Income Fund Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be given a dividend of $0.1172 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.41 annualized dividend and a yield of 11.81%. This is a positive change from Advent Convertible and Income Fund’s previous monthly dividend of $0.09.

Insider Activity

In related news, VP Tony Huang purchased 2,300 shares of the company’s stock in a transaction dated Thursday, October 17th. The shares were purchased at an average cost of $11.28 per share, with a total value of $25,944.00. Following the transaction, the vice president now directly owns 9,400 shares in the company, valued at $106,032. This trade represents a 32.39 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Tracy V. Maitland acquired 13,179 shares of Advent Convertible and Income Fund stock in a transaction that occurred on Thursday, October 17th. The shares were bought at an average cost of $11.28 per share, with a total value of $148,659.12. Following the transaction, the chief executive officer now owns 45,449 shares in the company, valued at $512,664.72. This represents a 40.84 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 19,264 shares of company stock worth $217,298.

Hedge Funds Weigh In On Advent Convertible and Income Fund

Several large investors have recently modified their holdings of the stock. Arete Wealth Advisors LLC increased its stake in Advent Convertible and Income Fund by 105.6% during the 3rd quarter. Arete Wealth Advisors LLC now owns 600,039 shares of the investment management company’s stock valued at $7,044,000 after purchasing an additional 308,255 shares in the last quarter. Encompass More Asset Management bought a new position in shares of Advent Convertible and Income Fund in the third quarter worth approximately $140,000. Walleye Capital LLC purchased a new position in Advent Convertible and Income Fund in the 3rd quarter worth approximately $373,000. Penserra Capital Management LLC purchased a new position in shares of Advent Convertible and Income Fund in the third quarter worth $11,695,000. Finally, Advisors Asset Management Inc. raised its stake in shares of Advent Convertible and Income Fund by 28.5% in the third quarter. Advisors Asset Management Inc. now owns 492,836 shares of the investment management company’s stock worth $5,786,000 after purchasing an additional 109,395 shares during the last quarter.

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.