Virtus Equity & Convertible Income Fund (NYSE:NIE) Short Interest Up 275.8% in June

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the recipient of a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 39,631 shares, an increase of 275.8% from the June 15th total of 10,545 shares. Based on an average daily trading volume, of 82,689 shares, the days-to-cover ratio is currently 0.5 days.

Institutional Investors Weigh In On Virtus Equity & Convertible Income Fund

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC grew its stake in Virtus Equity & Convertible Income Fund by 9.8% in the 1st quarter. NewEdge Advisors LLC now owns 6,925 shares of the company’s stock worth $153,000 after acquiring an additional 617 shares in the last quarter. Walleye Capital LLC bought a new position in Virtus Equity & Convertible Income Fund in the second quarter worth approximately $235,000. Ameriprise Financial Inc. increased its holdings in Virtus Equity & Convertible Income Fund by 10.6% during the 2nd quarter. Ameriprise Financial Inc. now owns 35,473 shares of the company’s stock worth $848,000 after purchasing an additional 3,399 shares during the period. US Bancorp DE bought a new stake in Virtus Equity & Convertible Income Fund during the 3rd quarter valued at $104,000. Finally, PMG Family Office LLC bought a new stake in Virtus Equity & Convertible Income Fund during the 3rd quarter valued at $754,000.

Virtus Equity & Convertible Income Fund Price Performance

Shares of NIE stock traded down $0.23 on Monday, reaching $26.50. 36,685 shares of the company’s stock were exchanged, compared to its average volume of 64,064. The company’s fifty day simple moving average is $26.55 and its 200 day simple moving average is $25.54. Virtus Equity & Convertible Income Fund has a 52 week low of $22.78 and a 52 week high of $27.24.

Virtus Equity & Convertible Income Fund Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were paid a dividend of $0.58 per share. This is an increase from Virtus Equity & Convertible Income Fund’s previous quarterly dividend of $0.50. This represents a $2.32 dividend on an annualized basis and a dividend yield of 8.8%. The ex-dividend date of this dividend was Monday, June 15th.

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.