Virtus Equity & Convertible Income Fund (NYSE:NIE) Trading Down 1.1% – Here’s Why

Virtus Equity & Convertible Income Fund (NYSE:NIE) dropped 1.1% during mid-day trading on Thursday . The stock traded as low as $23.33 and last traded at $23.3750. Approximately 88,369 shares were traded during trading, an increase of 55% from the average daily volume of 57,122 shares. The stock had previously closed at $23.64.

Virtus Equity & Convertible Income Fund Stock Performance

The business has a 50 day moving average price of $25.02 and a 200-day moving average price of $25.18.

Virtus Equity & Convertible Income Fund Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 8.6%. The ex-dividend date of this dividend is Monday, March 16th.

Institutional Investors Weigh In On Virtus Equity & Convertible Income Fund

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. World Investment Advisors boosted its position in shares of Virtus Equity & Convertible Income Fund by 8.8% during the 4th quarter. World Investment Advisors now owns 105,586 shares of the company’s stock worth $2,631,000 after purchasing an additional 8,496 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Virtus Equity & Convertible Income Fund by 5.0% in the 4th quarter. Invesco Ltd. now owns 112,000 shares of the company’s stock valued at $2,791,000 after purchasing an additional 5,356 shares in the last quarter. Saba Capital Management L.P. purchased a new position in shares of Virtus Equity & Convertible Income Fund in the 4th quarter valued at about $7,431,000. Readystate Asset Management LP lifted its stake in shares of Virtus Equity & Convertible Income Fund by 90.3% in the fourth quarter. Readystate Asset Management LP now owns 41,520 shares of the company’s stock valued at $1,035,000 after purchasing an additional 19,703 shares during the period. Finally, Evolve Private Wealth LLC acquired a new stake in shares of Virtus Equity & Convertible Income Fund in the fourth quarter valued at about $2,028,000.

Virtus Equity & Convertible Income Fund Company Profile

Virtus Equity & Convertible Income Fund (NYSE:NIE) is a diversified, closed-end management investment company designed to provide shareholders with a combination of current income and capital appreciation. The fund seeks to achieve its objectives by investing predominantly in convertible securities of U.S. and non-U.S. issuers alongside selected common stocks. Leveraging the hybrid characteristics of convertibles, the fund aims to capture income potential while maintaining exposure to equity market upside.

The fund’s investment strategy centers on a flexible allocation between fixed-income and equity components, with portfolio managers conducting rigorous credit and equity research to identify issuers offering attractive risk-reward profiles.