Virtus Equity & Convertible Income Fund (NYSE:NIE) Stock Price Down 1.7% – Here’s Why

Shares of Virtus Equity & Convertible Income Fund (NYSE:NIE) fell 1.7% during trading on Friday . The company traded as low as $22.02 and last traded at $22.14. 171,040 shares were traded during mid-day trading, an increase of 167% from the average session volume of 64,058 shares. The stock had previously closed at $22.51.

Virtus Equity & Convertible Income Fund Stock Down 1.7 %

The stock’s 50 day simple moving average is $23.93 and its two-hundred day simple moving average is $23.82.

Virtus Equity & Convertible Income Fund Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Thursday, June 12th will be paid a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 9.04%. The ex-dividend date is Thursday, June 12th.

Institutional Trading of Virtus Equity & Convertible Income Fund

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN boosted its holdings in Virtus Equity & Convertible Income Fund by 3.8% in the 4th quarter. Wells Fargo & Company MN now owns 1,078,320 shares of the company’s stock valued at $26,591,000 after purchasing an additional 39,342 shares during the last quarter. Advisors Asset Management Inc. lifted its position in Virtus Equity & Convertible Income Fund by 11.7% in the fourth quarter. Advisors Asset Management Inc. now owns 1,065,736 shares of the company’s stock valued at $26,281,000 after buying an additional 111,318 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Virtus Equity & Convertible Income Fund in the 4th quarter worth approximately $13,117,000. Guggenheim Capital LLC boosted its position in shares of Virtus Equity & Convertible Income Fund by 2.2% during the fourth quarter. Guggenheim Capital LLC now owns 491,981 shares of the company’s stock worth $12,132,000 after buying an additional 10,789 shares during the period. Finally, Schwarz Dygos Wheeler Investment Advisors LLC boosted its holdings in Virtus Equity & Convertible Income Fund by 4.1% during the 4th quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 220,976 shares of the company’s stock valued at $5,449,000 after acquiring an additional 8,769 shares during the period.

About Virtus Equity & Convertible Income Fund

Virtus Equity & Convertible Income Fund is a closed ended equity mutual fund launched and managed by Allianz Global Investors Fund Management LLC. The fund is co-managed by Allianz Global Investors U.S. LLC. It invests in the public equity markets of the United States. The fund invests in stocks of companies operating across diversified sectors.