Short Interest in Advent Convertible and Income Fund (NYSE:AVK) Rises By 55.1%

Advent Convertible and Income Fund (NYSE:AVK) was the recipient of a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 182,100 shares, a growth of 55.1% from the October 31st total of 117,400 shares. Based on an average daily trading volume, of 238,300 shares, the short-interest ratio is currently 0.8 days.

Insiders Place Their Bets

In other news, VP Tony Huang bought 2,300 shares of the company’s stock in a transaction dated Thursday, October 17th. The stock was bought at an average price of $11.28 per share, with a total value of $25,944.00. Following the completion of the acquisition, the vice president now owns 9,400 shares of the company’s stock, valued at $106,032. This represents a 32.39 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Tracy V. Maitland purchased 13,179 shares of the company’s stock in a transaction dated Thursday, October 17th. The stock was acquired at an average price of $11.28 per share, with a total value of $148,659.12. Following the completion of the transaction, the chief executive officer now owns 45,449 shares of the company’s stock, valued at $512,664.72. This represents a 40.84 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 19,264 shares of company stock worth $217,298.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Arete Wealth Advisors LLC lifted its position in Advent Convertible and Income Fund by 105.6% in the 3rd quarter. Arete Wealth Advisors LLC now owns 600,039 shares of the investment management company’s stock valued at $7,044,000 after acquiring an additional 308,255 shares in the last quarter. Encompass More Asset Management purchased a new stake in Advent Convertible and Income Fund during the third quarter worth about $140,000. Walleye Capital LLC purchased a new position in Advent Convertible and Income Fund in the third quarter valued at approximately $373,000. Penserra Capital Management LLC purchased a new position in Advent Convertible and Income Fund in the third quarter valued at approximately $11,695,000. Finally, Advisors Asset Management Inc. lifted its stake in Advent Convertible and Income Fund by 28.5% in the third quarter. Advisors Asset Management Inc. now owns 492,836 shares of the investment management company’s stock valued at $5,786,000 after purchasing an additional 109,395 shares during the last quarter.

Advent Convertible and Income Fund Trading Down 0.2 %

NYSE AVK traded down $0.02 on Friday, hitting $12.18. The company’s stock had a trading volume of 200,945 shares, compared to its average volume of 150,511. The company’s 50-day moving average is $11.58 and its 200 day moving average is $12.01. Advent Convertible and Income Fund has a 1-year low of $10.32 and a 1-year high of $12.97.

Advent Convertible and Income Fund Increases Dividend

The business also recently disclosed a monthly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a dividend of $0.1172 per share. This is an increase from Advent Convertible and Income Fund’s previous monthly dividend of $0.09. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.41 annualized dividend and a dividend yield of 11.55%.

Advent Convertible and Income Fund Company Profile

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.