Advent Convertible and Income Fund (NYSE:AVK) Stock Price Passes Below 200-Day Moving Average – Here’s Why

Advent Convertible and Income Fund (NYSE:AVK) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $12.02 and traded as low as $11.60. Advent Convertible and Income Fund shares last traded at $11.75, with a volume of 240,798 shares trading hands.

Advent Convertible and Income Fund Stock Performance

The stock’s 50 day moving average price is $11.94 and its 200-day moving average price is $12.02.

Advent Convertible and Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 15th will be paid a dividend of $0.1172 per share. The ex-dividend date is Wednesday, January 15th. This represents a $1.41 dividend on an annualized basis and a dividend yield of 11.97%.

Insider Activity

In other news, VP Tony Huang bought 2,300 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The stock was bought at an average price of $11.28 per share, with a total value of $25,944.00. Following the completion of the transaction, the vice president now directly owns 9,400 shares of the company’s stock, valued at approximately $106,032. The trade was a 32.39 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Tracy V. Maitland bought 13,179 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The shares were purchased 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 directly owns 45,449 shares of the company’s stock, valued at $512,664.72. The trade was a 40.84 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 19,264 shares of company stock worth $217,298.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in AVK. Penserra Capital Management LLC purchased a new position in shares of Advent Convertible and Income Fund in the third quarter worth $11,695,000. Arete Wealth Advisors LLC raised its holdings in shares of Advent Convertible and Income Fund by 105.6% in the third quarter. Arete Wealth Advisors LLC now owns 600,039 shares of the investment management company’s stock worth $7,044,000 after buying an additional 308,255 shares during the last quarter. Advisors Asset Management Inc. raised its holdings 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 buying an additional 109,395 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Advent Convertible and Income Fund in the second quarter worth $581,000. Finally, Shaker Financial Services LLC purchased a new position in shares of Advent Convertible and Income Fund in the third quarter worth $488,000.

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.