Short Interest in Advent Convertible and Income Fund (NYSE:AVK) Declines By 37.0%

Advent Convertible and Income Fund (NYSE:AVK) saw a large drop in short interest in the month of August. As of August 31st, there was short interest totaling 56,048 shares, a drop of 37.0% from the August 15th total of 88,996 shares. Based on an average trading volume of 140,689 shares, the short-interest ratio is currently 0.4 days.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AVK. Readystate Asset Management LP acquired a new position in shares of Advent Convertible and Income Fund in the first quarter worth $1,187,000. Sanctuary Advisors LLC purchased a new stake in shares of Advent Convertible and Income Fund in the second quarter valued at $885,000. Bank of America Corp DE acquired a new stake in shares of Advent Convertible and Income Fund during the second quarter valued at $852,000. Heron Bay Capital Management acquired a new stake in shares of Advent Convertible and Income Fund during the second quarter valued at $561,000. Finally, NewEdge Advisors LLC increased its position in Advent Convertible and Income Fund by 44.6% during the 2nd quarter. NewEdge Advisors LLC now owns 96,524 shares of the investment management company’s stock worth $1,264,000 after purchasing an additional 29,770 shares in the last quarter.

Advent Convertible and Income Fund Price Performance

Shares of NYSE:AVK opened at $11.81 on Wednesday. The business’s 50 day simple moving average is $12.57 and its 200-day simple moving average is $12.48. Advent Convertible and Income Fund has a 12 month low of $10.77 and a 12 month high of $13.28.

Advent Convertible and Income Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.1172 per share. This represents a c) dividend on an annualized basis and a yield of 11.9%. The ex-dividend date is Tuesday, September 15th.

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.