Advent Convertible and Income Fund (NYSE:AVK) Sees Significant Increase in Short Interest

Advent Convertible and Income Fund (NYSE:AVK) saw a large increase in short interest during the month of June. As of June 15th, there was short interest totalling 94,800 shares, an increase of 8.5% from the May 31st total of 87,400 shares. Based on an average daily volume of 101,500 shares, the short-interest ratio is presently 0.9 days.

Advent Convertible and Income Fund Stock Down 0.5 %

NYSE AVK traded down $0.06 during trading on Wednesday, reaching $11.85. 85,525 shares of the company’s stock were exchanged, compared to its average volume of 104,942. Advent Convertible and Income Fund has a 1 year low of $9.24 and a 1 year high of $12.22. The company has a 50 day moving average price of $11.90 and a two-hundred day moving average price of $11.74.

Advent Convertible and Income Fund Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Monday, July 15th will be given a dividend of $0.1172 per share. The ex-dividend date of this dividend is Monday, July 15th. This represents a $1.41 dividend on an annualized basis and a dividend yield of 11.87%. This is a boost from Advent Convertible and Income Fund’s previous monthly dividend of $0.12.

Institutional Trading of Advent Convertible and Income Fund

Several institutional investors and hedge funds have recently made changes to their positions in the company. MeadowBrook Investment Advisors LLC purchased a new stake in Advent Convertible and Income Fund in the fourth quarter valued at approximately $55,000. PFG Investments LLC purchased a new stake in Advent Convertible and Income Fund in the 1st quarter valued at $446,000. Vanguard Capital Wealth Advisors boosted its stake in Advent Convertible and Income Fund by 9.8% during the 4th quarter. Vanguard Capital Wealth Advisors now owns 21,597 shares of the investment management company’s stock worth $246,000 after purchasing an additional 1,927 shares during the period. Wolverine Asset Management LLC grew its position in Advent Convertible and Income Fund by 579.6% during the 4th quarter. Wolverine Asset Management LLC now owns 253,604 shares of the investment management company’s stock worth $2,886,000 after purchasing an additional 216,285 shares during the last quarter. Finally, International Assets Investment Management LLC increased its stake in Advent Convertible and Income Fund by 967.4% in the fourth quarter. International Assets Investment Management LLC now owns 365,992 shares of the investment management company’s stock valued at $4,165,000 after purchasing an additional 331,704 shares during the period.

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.