Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) Sees Significant Drop in Short Interest

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) was the target of a significant decline in short interest during the month of May. As of May 15th, there was short interest totaling 7,196 shares, a decline of 73.7% from the April 30th total of 27,412 shares. Based on an average daily volume of 74,255 shares, the short-interest ratio is currently 0.1 days. Approximately 0.0% of the shares of the company are sold short.

Gabelli Convertible & Income Securities Fund Stock Up 0.5%

GCV stock traded up $0.03 during midday trading on Friday, hitting $4.67. The company’s stock had a trading volume of 94,102 shares, compared to its average volume of 63,139. The stock’s 50-day moving average price is $4.45 and its 200 day moving average price is $4.36. Gabelli Convertible & Income Securities Fund has a 1 year low of $3.63 and a 1 year high of $4.71.

Gabelli Convertible & Income Securities Fund Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Monday, June 15th will be paid a $0.12 dividend. The ex-dividend date is Monday, June 15th. This represents a $0.48 annualized dividend and a dividend yield of 10.3%.

Institutional Trading of Gabelli Convertible & Income Securities Fund

Several hedge funds have recently made changes to their positions in GCV. Cornerstone Advisors LLC raised its stake in shares of Gabelli Convertible & Income Securities Fund by 77.9% in the third quarter. Cornerstone Advisors LLC now owns 31,931 shares of the investment management company’s stock valued at $132,000 after buying an additional 13,985 shares during the period. Fisher Asset Management LLC bought a new stake in shares of Gabelli Convertible & Income Securities Fund in the third quarter valued at $59,000. PFG Advisors raised its stake in shares of Gabelli Convertible & Income Securities Fund by 3.1% in the third quarter. PFG Advisors now owns 138,841 shares of the investment management company’s stock valued at $573,000 after buying an additional 4,230 shares during the period. Citadel Advisors LLC raised its stake in shares of Gabelli Convertible & Income Securities Fund by 44.6% in the third quarter. Citadel Advisors LLC now owns 30,828 shares of the investment management company’s stock valued at $127,000 after buying an additional 9,506 shares during the period. Finally, Susquehanna International Group LLP bought a new stake in shares of Gabelli Convertible & Income Securities Fund in the third quarter valued at $186,000. 23.40% of the stock is currently owned by institutional investors.

About Gabelli Convertible & Income Securities Fund

Gabelli Convertible & Income Securities Fund (NYSE: GCV) is a closed-end management investment company that seeks to provide current income and capital appreciation by investing primarily in convertible securities and other fixed-income instruments. The fund’s portfolio typically includes convertible corporate bonds, preferred stocks, and equities of companies that offer the potential for both income generation and price appreciation through embedded option features.

The fund pursues a strategy that combines credit analysis with equity valuation to identify convertible securities that offer attractive yields relative to their risk profiles.