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

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) was the target of a large growth in short interest during the month of June. As of June 30th, there was short interest totaling 51,876 shares, a growth of 1,038.9% from the June 15th total of 4,555 shares. Approximately 0.3% of the company’s stock are short sold. Based on an average daily trading volume, of 57,917 shares, the days-to-cover ratio is presently 0.9 days.

Gabelli Convertible & Income Securities Fund Price Performance

GCV traded up $0.01 during mid-day trading on Friday, reaching $4.65. 35,104 shares of the stock were exchanged, compared to its average volume of 43,274. The company has a 50 day moving average price of $4.60 and a two-hundred day moving average price of $4.46. Gabelli Convertible & Income Securities Fund has a 1 year low of $3.83 and a 1 year high of $4.77.

Gabelli Convertible & Income Securities Fund Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Monday, June 15th were issued a dividend of $0.12 per share. The ex-dividend date was Monday, June 15th. This represents a $0.48 annualized dividend and a yield of 10.3%.

Institutional Investors Weigh In On Gabelli Convertible & Income Securities Fund

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cetera Investment Advisers boosted its stake in shares of Gabelli Convertible & Income Securities Fund by 4.1% in the 4th quarter. Cetera Investment Advisers now owns 56,831 shares of the investment management company’s stock worth $236,000 after buying an additional 2,252 shares during the last quarter. Mallini Complete Financial Planning LLC increased its position in shares of Gabelli Convertible & Income Securities Fund by 7.2% during the second quarter. Mallini Complete Financial Planning LLC now owns 59,679 shares of the investment management company’s stock valued at $279,000 after acquiring an additional 3,996 shares during the last quarter. PFG Advisors lifted its holdings in Gabelli Convertible & Income Securities Fund by 2.9% during the fourth quarter. PFG Advisors now owns 142,900 shares of the investment management company’s stock worth $593,000 after acquiring an additional 4,059 shares during the period. Citadel Advisors LLC lifted its holdings in Gabelli Convertible & Income Securities Fund by 44.6% during the third quarter. Citadel Advisors LLC now owns 30,828 shares of the investment management company’s stock worth $127,000 after acquiring an additional 9,506 shares during the period. Finally, Integrity Advisory Solutions LLC purchased a new position in Gabelli Convertible & Income Securities Fund in the fourth quarter worth $48,000. Hedge funds and other institutional investors own 23.40% of the company’s stock.

Gabelli Convertible & Income Securities Fund Company Profile

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.