Virtus Equity & Convertible Income Fund (NYSE:NIE) Short Interest Update

Virtus Equity & Convertible Income Fund (NYSE:NIE) saw a large decline in short interest in the month of July. As of July 31st, there was short interest totaling 18,974 shares, a decline of 36.3% from the July 15th total of 29,784 shares. Based on an average trading volume of 54,200 shares, the days-to-cover ratio is presently 0.4 days.

Virtus Equity & Convertible Income Fund Stock Down 0.9%

Shares of NIE stock traded down $0.23 during mid-day trading on Tuesday, reaching $26.55. The stock had a trading volume of 51,719 shares, compared to its average volume of 61,370. The business’s fifty day moving average is $26.38 and its 200-day moving average is $25.70. Virtus Equity & Convertible Income Fund has a 1-year low of $22.78 and a 1-year high of $27.24.

Virtus Equity & Convertible Income Fund Increases Dividend

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

Hedge Funds Weigh In On Virtus Equity & Convertible Income Fund

Several hedge funds and other institutional investors have recently bought and sold shares of NIE. Saba Capital Management L.P. acquired a new stake in Virtus Equity & Convertible Income Fund during the 4th quarter valued at approximately $7,431,000. Bank of America Corp DE purchased a new stake in shares of Virtus Equity & Convertible Income Fund in the 2nd quarter valued at $3,272,000. Evolve Private Wealth LLC acquired a new stake in shares of Virtus Equity & Convertible Income Fund in the fourth quarter worth $2,028,000. Guggenheim Capital LLC raised its holdings in shares of Virtus Equity & Convertible Income Fund by 14.0% during the fourth quarter. Guggenheim Capital LLC now owns 479,040 shares of the company’s stock worth $11,938,000 after purchasing an additional 58,661 shares during the last quarter. Finally, LPL Financial LLC raised its holdings in shares of Virtus Equity & Convertible Income Fund by 26.7% during the fourth quarter. LPL Financial LLC now owns 269,945 shares of the company’s stock worth $6,727,000 after purchasing an additional 56,895 shares during the last quarter.

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.