Advent Convertible and Income Fund (NYSE:AVK) Sees Significant Drop in Short Interest

Advent Convertible and Income Fund (NYSE:AVK – Get Free Report) was the recipient of a large decline in short interest during the month of May. As of May 15th, there was short interest totaling 9,862 shares, a decline of 58.7% from the April 30th total of 23,898 shares. Based on an average daily trading volume, of 130,340 shares, the short-interest ratio is currently 0.1 days.

Advent Convertible and Income Fund Stock Performance

Shares of Advent Convertible and Income Fund stock traded up $0.08 on Monday, hitting $13.15. The company had a trading volume of 174,859 shares, compared to its average volume of 168,656. The stock has a 50 day moving average of $12.26 and a 200-day moving average of $12.44. Advent Convertible and Income Fund has a 1 year low of $10.77 and a 1 year high of $13.16.

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Advent Convertible and Income Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were issued a $0.1172 dividend. The ex-dividend date was Friday, May 15th. This represents a c) annualized dividend and a dividend yield of 10.7%.

Institutional Trading of Advent Convertible and Income Fund

A number of hedge funds have recently made changes to their positions in the stock. Stifel Financial Corp increased its stake in shares of Advent Convertible and Income Fund by 393.6% in the 4th quarter. Stifel Financial Corp now owns 50,624 shares of the investment management company’s stock worth $635,000 after purchasing an additional 40,368 shares in the last quarter. Bank of America Corp DE lifted its stake in Advent Convertible and Income Fund by 4.7% in the third quarter. Bank of America Corp DE now owns 69,815 shares of the investment management company’s stock worth $893,000 after purchasing an additional 3,111 shares during the last quarter. NewEdge Advisors LLC increased its position in shares of Advent Convertible and Income Fund by 18.3% during the third quarter. NewEdge Advisors LLC now owns 70,662 shares of the investment management company’s stock worth $904,000 after acquiring an additional 10,954 shares during the period. &PARTNERS purchased a new position in Advent Convertible and Income Fund during the fourth quarter valued at approximately $1,024,000. Finally, Arete Wealth Advisors LLC boosted its stake in Advent Convertible and Income Fund by 3.9% in the fourth quarter. Arete Wealth Advisors LLC now owns 308,048 shares of the investment management company’s stock valued at $3,863,000 after acquiring an additional 11,517 shares in the last quarter.

Advent Convertible and Income Fund Company Profile

(Get Free Report)

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.

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