Advent Convertible and Income Fund (NYSE:AVK) Short Interest Up 47.6% in October

by · The Markets Daily

Advent Convertible and Income Fund (NYSE:AVK – Get Free Report) was the recipient of a significant growth in short interest in October. As of October 15th, there was short interest totalling 2,140,000 shares, a growth of 47.6% from the September 30th total of 1,450,000 shares. Based on an average daily trading volume, of 191,600 shares, the days-to-cover ratio is presently 11.2 days.

Insider Transactions at Advent Convertible and Income Fund

In related news, insider Randall C. Barnes bought 3,785 shares of the stock in a transaction dated Thursday, October 17th. The shares were purchased at an average price of $11.28 per share, with a total value of $42,694.80. Following the completion of the acquisition, the insider now owns 15,140 shares of the company’s stock, valued at $170,779.20. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Advent Convertible and Income Fund news, 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 completion of the transaction, the insider now owns 15,140 shares of the company’s stock, valued at approximately $170,779.20. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Tony Huang purchased 2,300 shares of Advent Convertible and Income Fund stock in a transaction that occurred on Thursday, October 17th. The stock was acquired at an average price of $11.28 per share, for a total transaction of $25,944.00. Following the transaction, the vice president now directly owns 9,400 shares of the company’s stock, valued at $106,032. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 19,264 shares of company stock valued at $217,298.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Capital Investment Advisors LLC bought a new position in Advent Convertible and Income Fund during the third quarter valued at $119,000. Capital Wealth Alliance LLC purchased a new stake in shares of Advent Convertible and Income Fund during the first quarter valued at $128,000. Jaffetilchin Investment Partners LLC purchased a new stake in shares of Advent Convertible and Income Fund during the first quarter valued at $130,000. Trust Investment Advisors purchased a new stake in shares of Advent Convertible and Income Fund during the second quarter valued at $133,000. Finally, Calton & Associates Inc. purchased a new stake in shares of Advent Convertible and Income Fund during the third quarter valued at $152,000.

Advent Convertible and Income Fund Trading Down 0.4 %

AVK traded down $0.05 during trading hours on Tuesday, hitting $11.17. The company’s stock had a trading volume of 187,457 shares, compared to its average volume of 138,291. The business’s 50-day moving average price is $11.95 and its 200-day moving average price is $12.01. Advent Convertible and Income Fund has a 12 month low of $9.24 and a 12 month high of $12.97.

Advent Convertible and Income Fund Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Wednesday, October 2nd will be given a dividend of $0.1172 per share. This is a boost from Advent Convertible and Income Fund’s previous monthly dividend of $0.09. The ex-dividend date of this dividend is Wednesday, October 2nd. This represents a $1.41 dividend on an annualized basis and a yield of 12.59%.

About Advent Convertible and Income Fund

(Get Free Report)

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.

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