Advent Convertible and Income Fund (NYSE:AVK) Sees Large Decline in Short Interest

Advent Convertible and Income Fund (NYSE:AVK) was the target of a large decline in short interest in May. As of May 15th, there was short interest totaling 9,862 shares, a decline of 58.7% from the April 30th total of 23,898 shares. Based on an average trading volume of 130,340 shares, the days-to-cover ratio is currently 0.1 days.

Advent Convertible and Income Fund Price Performance

Shares of NYSE:AVK traded up $0.18 during trading on Tuesday, hitting $13.25. 174,859 shares of the stock were exchanged, compared to its average volume of 168,656. The company has a fifty day moving average price of $12.26 and a two-hundred day moving average price of $12.44. Advent Convertible and Income Fund has a 12-month low of $10.77 and a 12-month high of $13.16.

Advent Convertible and Income Fund Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.1172 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a c) annualized dividend and a dividend yield of 10.6%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. LFA Lugano Financial Advisors SA acquired a new stake in shares of Advent Convertible and Income Fund during the 4th quarter worth $34,000. Geneos Wealth Management Inc. raised its holdings in Advent Convertible and Income Fund by 301.1% in the first quarter. Geneos Wealth Management Inc. now owns 3,975 shares of the investment management company’s stock valued at $46,000 after acquiring an additional 2,984 shares in the last quarter. MeadowBrook Investment Advisors LLC bought a new position in shares of Advent Convertible and Income Fund during the first quarter worth about $53,000. Atlantic Union Bankshares Corp bought a new position in shares of Advent Convertible and Income Fund during the third quarter worth about $60,000. Finally, Patriot Financial Group Insurance Agency LLC bought a new position in shares of Advent Convertible and Income Fund during the first quarter worth about $114,000.

Advent Convertible and Income Fund Company Profile

Advent Convertible and Income Fund (NYSE: AVK) is a diversified, closed-end management investment company that seeks to provide total return through current income and capital appreciation. The Fund is managed by Advent Capital Management, LLC, an SEC-registered investment adviser, and trades on the New York Stock Exchange under the ticker AVK. It offers investors a blend of equity and fixed-income exposures through a single vehicle designed to deliver regular distributions.

The Fund’s core strategy centers on convertible securities—such as convertible bonds and preferred stocks—issued by U.S.