Advent Convertible and Income Fund (NYSE:AVK) Shares Pass Below 200 Day Moving Average of $12.07

Advent Convertible and Income Fund (NYSE:AVK) shares crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $12.07 and traded as low as $11.89. Advent Convertible and Income Fund shares last traded at $12.16, with a volume of 477,617 shares traded.

Advent Convertible and Income Fund Trading Down 3.1 %

The firm’s 50-day simple moving average is $12.47 and its 200 day simple moving average is $12.07.

Advent Convertible and Income Fund Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, September 13th will be paid a dividend of $0.1172 per share. The ex-dividend date of this dividend is Friday, September 13th. This is a boost from Advent Convertible and Income Fund’s previous monthly dividend of $0.09. This represents a $1.41 dividend on an annualized basis and a dividend yield of 11.57%.

Hedge Funds Weigh In On Advent Convertible and Income Fund

Several hedge funds have recently added to or reduced their stakes in AVK. Sanctuary Advisors LLC acquired a new stake in shares of Advent Convertible and Income Fund in the 2nd quarter valued at approximately $581,000. Trust Investment Advisors bought a new stake in Advent Convertible and Income Fund in the second quarter valued at approximately $133,000. Choreo LLC acquired a new stake in Advent Convertible and Income Fund in the second quarter worth $206,000. PFG Investments LLC boosted its position in shares of Advent Convertible and Income Fund by 65.9% during the second quarter. PFG Investments LLC now owns 62,034 shares of the investment management company’s stock worth $739,000 after purchasing an additional 24,651 shares in the last quarter. Finally, Jaffetilchin Investment Partners LLC grew its holdings in shares of Advent Convertible and Income Fund by 29.7% in the 2nd quarter. Jaffetilchin Investment Partners LLC now owns 14,080 shares of the investment management company’s stock valued at $168,000 after buying an additional 3,222 shares during the period.

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.