Advent Convertible and Income Fund (NYSE:AVK) Share Price Passes Below 200-Day Moving Average – Here’s Why

Advent Convertible and Income Fund (NYSE:AVK)’s stock price passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $12.03 and traded as low as $11.75. Advent Convertible and Income Fund shares last traded at $11.95, with a volume of 96,958 shares traded.

Advent Convertible and Income Fund Price Performance

The firm’s 50 day simple moving average is $11.80 and its two-hundred day simple moving average is $12.03.

Advent Convertible and Income Fund Increases Dividend

The business also recently declared a dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.1172 dividend. This is a boost from Advent Convertible and Income Fund’s previous dividend of $0.09. The ex-dividend date of this dividend is Friday, December 13th.

Insider Activity

In related news, CEO Tracy V. Maitland bought 13,179 shares of the company’s stock in a transaction dated Thursday, October 17th. The stock was purchased at an average cost of $11.28 per share, with a total value of $148,659.12. Following the transaction, the chief executive officer now owns 45,449 shares in the company, valued at approximately $512,664.72. This trade represents a 40.84 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Randall C. Barnes purchased 3,785 shares of Advent Convertible and Income Fund stock in a transaction that occurred on Thursday, October 17th. The shares were bought at an average price of $11.28 per share, for a total transaction of $42,694.80. Following the transaction, the insider now directly owns 15,140 shares of the company’s stock, valued at $170,779.20. This trade represents a 33.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 19,264 shares of company stock valued at $217,298.

Institutional Investors Weigh In On Advent Convertible and Income Fund

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC grew its position in Advent Convertible and Income Fund by 8.0% during the 2nd quarter. International Assets Investment Management LLC now owns 34,736 shares of the investment management company’s stock valued at $414,000 after purchasing an additional 2,575 shares during the last quarter. Jaffetilchin Investment Partners LLC grew its holdings in shares of Advent Convertible and Income Fund by 29.7% during the second quarter. Jaffetilchin Investment Partners LLC now owns 14,080 shares of the investment management company’s stock valued at $168,000 after buying an additional 3,222 shares during the last quarter. Atomi Financial Group Inc. increased its position in shares of Advent Convertible and Income Fund by 20.8% during the second quarter. Atomi Financial Group Inc. now owns 20,271 shares of the investment management company’s stock valued at $242,000 after acquiring an additional 3,489 shares in the last quarter. Capital Investment Advisors LLC purchased a new position in Advent Convertible and Income Fund in the 3rd quarter worth approximately $119,000. Finally, Trust Investment Advisors bought a new position in Advent Convertible and Income Fund in the 2nd quarter valued at approximately $133,000.

About Advent Convertible and Income Fund

Advent Claymore Convertible Securities and Income Fund is a closed-ended fixed income mutual fund launched and managed by Advent Capital Management, LLC. The fund primarily invests in the fixed income markets of the United States. It seeks to invest in securities of companies operating across the diversified sectors.