Virtus Dividend, Interest & Premium Strategy Fund (NYSE:NFJ) Sees Significant Drop in Short Interest

Virtus Dividend, Interest & Premium Strategy Fund (NYSE:NFJ) was the recipient of a large decline in short interest during the month of February. As of February 27th, there was short interest totaling 153,611 shares, a decline of 28.1% from the February 12th total of 213,588 shares. Based on an average daily trading volume, of 141,461 shares, the short-interest ratio is currently 1.1 days. Based on an average daily trading volume, of 141,461 shares, the short-interest ratio is currently 1.1 days.

Insider Activity

In other Virtus Dividend, Interest & Premium Strategy Fund news, major shareholder Saba Capital Management, L.P. purchased 51,354 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was purchased at an average price of $13.70 per share, with a total value of $703,549.80. Following the acquisition, the insider owned 9,851,693 shares in the company, valued at approximately $134,968,194.10. The trade was a 0.52% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have bought 431,290 shares of company stock worth $5,820,098.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NFJ. Royal Bank of Canada raised its stake in shares of Virtus Dividend, Interest & Premium Strategy Fund by 303.0% in the first quarter. Royal Bank of Canada now owns 459,053 shares of the investment management company’s stock valued at $5,568,000 after acquiring an additional 345,156 shares during the period. Jane Street Group LLC bought a new position in Virtus Dividend, Interest & Premium Strategy Fund during the 1st quarter valued at about $265,000. Envestnet Asset Management Inc. raised its position in Virtus Dividend, Interest & Premium Strategy Fund by 1.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 216,164 shares of the investment management company’s stock worth $2,680,000 after purchasing an additional 2,137 shares during the period. Cetera Investment Advisers lifted its stake in Virtus Dividend, Interest & Premium Strategy Fund by 7.7% in the second quarter. Cetera Investment Advisers now owns 35,135 shares of the investment management company’s stock worth $436,000 after purchasing an additional 2,521 shares during the last quarter. Finally, Winnow Wealth LLC bought a new stake in Virtus Dividend, Interest & Premium Strategy Fund in the second quarter worth about $32,000.

Virtus Dividend, Interest & Premium Strategy Fund Trading Down 1.5%

NFJ stock traded down $0.19 during midday trading on Monday, reaching $12.51. 158,802 shares of the company traded hands, compared to its average volume of 193,482. Virtus Dividend, Interest & Premium Strategy Fund has a 52-week low of $10.02 and a 52-week high of $13.92. The business has a 50 day moving average of $13.40 and a 200-day moving average of $13.09.

Virtus Dividend, Interest & Premium Strategy Fund Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Investors of record on Monday, March 16th will be issued a dividend of $0.305 per share. This represents a $1.22 annualized dividend and a yield of 9.8%. The ex-dividend date is Monday, March 16th.

Virtus Dividend, Interest & Premium Strategy Fund Company Profile

The Virtus Dividend, Interest & Premium Strategy Fund (NYSE: NFJ) is a diversified closed-end management investment company that seeks to deliver current income and total return through a combination of equity securities, fixed-income instruments and an equity option‐writing strategy. The fund allocates its assets among U.S.-listed common stocks, preferred stocks, convertible securities and corporate bonds, while employing covered call and put option overlays to generate additional premium income and enhance yield.

Launched in February 2011, NFJ is managed by the investment professionals at Virtus Investment Advisers, LLC, who focus on identifying dividend-paying companies with strong fundamentals and attractive valuations.