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

Advent Convertible and Income Fund (NYSE:AVK) was the recipient of a large decrease in short interest during the month of August. As of August 31st, there was short interest totalling 290,700 shares, a decrease of 13.9% from the August 15th total of 337,600 shares. Based on an average trading volume of 128,700 shares, the days-to-cover ratio is currently 2.3 days.

Institutional Investors Weigh In On Advent Convertible and Income Fund

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital Wealth Alliance LLC acquired a new position in shares of Advent Convertible and Income Fund during the 1st quarter worth about $128,000. Jaffetilchin Investment Partners LLC bought a new stake in Advent Convertible and Income Fund during the first quarter worth about $130,000. Trust Investment Advisors acquired a new position in Advent Convertible and Income Fund during the second quarter valued at approximately $133,000. Park Avenue Securities LLC grew its stake in Advent Convertible and Income Fund by 11.5% in the first quarter. Park Avenue Securities LLC now owns 13,064 shares of the investment management company’s stock valued at $156,000 after purchasing an additional 1,348 shares in the last quarter. Finally, Concurrent Investment Advisors LLC increased its position in shares of 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 worth $185,000 after purchasing an additional 1,729 shares during the last quarter.

Advent Convertible and Income Fund Price Performance

Shares of AVK traded down $0.13 during mid-day trading on Wednesday, hitting $12.06. 377,815 shares of the company’s stock were exchanged, compared to its average volume of 121,961. Advent Convertible and Income Fund has a 52 week low of $9.24 and a 52 week high of $12.97. The company has a 50-day simple moving average of $12.50 and a 200 day simple moving average of $12.08.

Advent Convertible and Income Fund Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, October 31st. Investors of record on Wednesday, October 2nd will be issued a dividend of $0.1172 per share. This is a boost from Advent Convertible and Income Fund’s previous monthly dividend of $0.09. The ex-dividend date of this dividend is Wednesday, October 2nd. This represents a $1.41 annualized dividend and a yield of 11.66%.

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.