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

Advent Convertible and Income Fund (NYSE:AVK) was the recipient of a significant growth in short interest in November. As of November 15th, there was short interest totalling 182,100 shares, a growth of 55.1% from the October 31st total of 117,400 shares. Based on an average daily trading volume, of 238,300 shares, the short-interest ratio is presently 0.8 days.

Insiders Place Their Bets

In related news, CEO Tracy V. Maitland bought 13,179 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The stock was acquired at an average price of $11.28 per share, for a total transaction 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. This represents a 40.84 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Tony Huang acquired 2,300 shares of the business’s stock in a transaction on Thursday, October 17th. The shares were bought at an average cost of $11.28 per share, with a total value of $25,944.00. Following the completion of the acquisition, the vice president now owns 9,400 shares of the company’s stock, valued at approximately $106,032. This trade represents a 32.39 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 19,264 shares of company stock worth $217,298 over the last 90 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in AVK. Capital Investment Advisors LLC bought a new position in Advent Convertible and Income Fund in the third quarter valued at about $119,000. Trust Investment Advisors acquired a new stake in shares of Advent Convertible and Income Fund during the 2nd quarter worth approximately $133,000. Encompass More Asset Management bought a new stake in shares of Advent Convertible and Income Fund during the third quarter worth approximately $140,000. Calton & Associates Inc. acquired a new position in Advent Convertible and Income Fund in the third quarter valued at approximately $152,000. Finally, Jaffetilchin Investment Partners LLC boosted its stake in Advent Convertible and Income Fund by 29.7% in the second quarter. Jaffetilchin Investment Partners LLC now owns 14,080 shares of the investment management company’s stock valued at $168,000 after acquiring an additional 3,222 shares during the last quarter.

Advent Convertible and Income Fund Price Performance

Advent Convertible and Income Fund stock traded down $0.02 during trading hours on Friday, hitting $12.18. 200,945 shares of the stock were exchanged, compared to its average volume of 150,511. The business’s 50-day moving average is $11.58 and its two-hundred day moving average is $12.01. Advent Convertible and Income Fund has a 12 month low of $10.32 and a 12 month high of $12.97.

Advent Convertible and Income Fund Increases Dividend

The firm also recently declared a monthly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a dividend of $0.1172 per share. The ex-dividend date was Friday, November 15th. This is a positive change 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 yield of 11.55%.

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.