Virtus Equity & Convertible Income Fund (NYSE:NIE) Sees Significant Drop in Short Interest

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the target of a large decline in short interest during the month of September. As of September 30th, there was short interest totaling 26,034 shares, a decline of 47.7% from the September 15th total of 49,768 shares. Based on an average daily trading volume, of 80,954 shares, the days-to-cover ratio is currently 0.3 days.

Institutional Investors Weigh In On Virtus Equity & Convertible Income Fund

Large investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its stake in Virtus Equity & Convertible Income Fund by 0.7% in the 1st quarter. Royal Bank of Canada now owns 575,167 shares of the company’s stock valued at $13,435,000 after buying an additional 4,007 shares during the last quarter. Saba Capital Management L.P. raised its stake in Virtus Equity & Convertible Income Fund by 21.2% during the 1st quarter. Saba Capital Management L.P. now owns 361,316 shares of the company’s stock valued at $8,440,000 after purchasing an additional 63,116 shares during the last quarter. Bank of America Corp DE bought a new stake in Virtus Equity & Convertible Income Fund in the 2nd quarter valued at $3,272,000. World Investment Advisors raised its position in shares of Virtus Equity & Convertible Income Fund by 11.6% during the first quarter. World Investment Advisors now owns 117,859 shares of the company’s stock valued at $2,753,000 after buying an additional 12,273 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of Virtus Equity & Convertible Income Fund by 19.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 80,112 shares of the company’s stock worth $1,871,000 after purchasing an additional 12,930 shares in the last quarter.

Virtus Equity & Convertible Income Fund Stock Down 1.0%

Shares of NIE stock traded down $0.26 on Friday, hitting $25.07. The company’s stock had a trading volume of 41,885 shares, compared to its average volume of 65,428. Virtus Equity & Convertible Income Fund has a fifty-two week low of $22.78 and a fifty-two week high of $27.24. The firm’s fifty day moving average price is $25.74 and its 200-day moving average price is $25.92.

Virtus Equity & Convertible Income Fund Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Monday, September 14th were paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 9.3%. The ex-dividend date of this dividend was Monday, September 14th.

About Virtus Equity & Convertible Income Fund

Virtus Equity & Convertible Income Fund is a closed-end investment fund listed on the New York Stock Exchange under the ticker symbol NIE. The fund seeks to provide investors with current income and long-term capital appreciation through a managed portfolio of equity securities and convertible securities.

The fund invests in common stocks and other equity-related securities, as well as convertible bonds and preferred securities. Convertible investments may provide income while also offering the potential to participate in the appreciation of the underlying company’s common stock.