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

Advent Convertible and Income Fund (NYSE:AVK)’s share price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $12.03 and traded as low as $11.75. Advent Convertible and Income Fund shares last traded at $11.95, with a volume of 96,958 shares trading hands.

Advent Convertible and Income Fund Stock Performance

The company’s 50 day moving average is $11.78 and its 200-day moving average is $12.03.

Advent Convertible and Income Fund Increases Dividend

The business also recently disclosed a dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.1172 per share. The ex-dividend date is Friday, December 13th. This is a positive change from Advent Convertible and Income Fund’s previous dividend of $0.09.

Insider Activity

In other Advent Convertible and Income Fund news, insider Randall C. Barnes acquired 3,785 shares of the stock in a transaction on Thursday, October 17th. The shares were purchased at an average price of $11.28 per share, for a total transaction of $42,694.80. Following the completion of the acquisition, the insider now owns 15,140 shares in the company, valued at approximately $170,779.20. This represents a 33.33 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Tony Huang acquired 2,300 shares of the company’s stock in a transaction on Thursday, October 17th. The stock was acquired at an average cost of $11.28 per share, for a total transaction of $25,944.00. Following the completion of the purchase, the vice president now directly owns 9,400 shares of the company’s stock, valued at approximately $106,032. This represents a 32.39 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 19,264 shares of company stock worth $217,298 in the last three months.

Institutional Investors Weigh In On Advent Convertible and Income Fund

A number of institutional investors and hedge funds have recently made changes to their positions in AVK. Capital Investment Advisors LLC bought a new stake in Advent Convertible and Income Fund during the 3rd quarter worth approximately $119,000. Trust Investment Advisors purchased a new position in shares of Advent Convertible and Income Fund during the second quarter valued at approximately $133,000. Encompass More Asset Management purchased a new position in shares of Advent Convertible and Income Fund during the third quarter valued at approximately $140,000. Calton & Associates Inc. purchased a new stake in Advent Convertible and Income Fund in the 3rd quarter valued at $152,000. Finally, Jaffetilchin Investment Partners LLC raised its position in 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 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.