Virtus Equity & Convertible Income Fund (NYSE:NIE) Shares Down 0.9% – What’s Next?

Virtus Equity & Convertible Income Fund (NYSE:NIE)’s stock price dropped 0.9% during mid-day trading on Tuesday . The stock traded as low as $26.15 and last traded at $26.34. 63,380 shares traded hands during mid-day trading, a decline of 2% from the average daily volume of 64,550 shares. The stock had previously closed at $26.59.

Virtus Equity & Convertible Income Fund Price Performance

The business has a fifty day simple moving average of $26.50 and a 200 day simple moving average of $25.51.

Virtus Equity & Convertible Income Fund Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were issued a $0.58 dividend. The ex-dividend date was Monday, June 15th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 8.7%. This is a boost from Virtus Equity & Convertible Income Fund’s previous quarterly dividend of $0.50.

Institutional Trading of Virtus Equity & Convertible Income Fund

A number of institutional investors have recently added to or reduced their stakes in NIE. NewEdge Advisors LLC grew its position in Virtus Equity & Convertible Income Fund by 9.8% during the first quarter. NewEdge Advisors LLC now owns 6,925 shares of the company’s stock worth $153,000 after buying an additional 617 shares during the period. Walleye Capital LLC acquired a new stake in shares of Virtus Equity & Convertible Income Fund during the 2nd quarter valued at approximately $235,000. Ameriprise Financial Inc. lifted its position in shares of Virtus Equity & Convertible Income Fund by 10.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 35,473 shares of the company’s stock valued at $848,000 after acquiring an additional 3,399 shares during the period. US Bancorp DE purchased a new stake in shares of Virtus Equity & Convertible Income Fund during the 3rd quarter worth approximately $104,000. Finally, PMG Family Office LLC purchased a new stake in shares of Virtus Equity & Convertible Income Fund during the 3rd quarter worth approximately $754,000.

About Virtus Equity & Convertible Income Fund

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.