Virtus Equity & Convertible Income Fund (NYSE:NIE) Sees Large Growth in Short Interest

by · The Markets Daily

Virtus Equity & Convertible Income Fund (NYSE:NIE – Get Free Report) was the target of a large increase in short interest during the month of September. As of September 15th, there was short interest totalling 5,800 shares, an increase of 18.4% from the August 31st total of 4,900 shares. Based on an average trading volume of 68,800 shares, the days-to-cover ratio is currently 0.1 days.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in NIE. Global Assets Advisory LLC grew its stake in Virtus Equity & Convertible Income Fund by 2,140.0% during the 1st quarter. Global Assets Advisory LLC now owns 246,400 shares of the company’s stock worth $5,517,000 after buying an additional 235,400 shares during the last quarter. Advisors Asset Management Inc. grew its stake in Virtus Equity & Convertible Income Fund by 16.3% during the 1st quarter. Advisors Asset Management Inc. now owns 793,170 shares of the company’s stock worth $17,759,000 after buying an additional 110,918 shares during the last quarter. Cornerstone Advisors LLC grew its stake in Virtus Equity & Convertible Income Fund by 79.6% during the 1st quarter. Cornerstone Advisors LLC now owns 187,603 shares of the company’s stock worth $4,200,000 after buying an additional 83,173 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in Virtus Equity & Convertible Income Fund during the 2nd quarter worth approximately $1,772,000. Finally, Rothschild Investment LLC purchased a new position in Virtus Equity & Convertible Income Fund during the 2nd quarter worth approximately $689,000.

Virtus Equity & Convertible Income Fund Trading Up 0.1 %

Shares of NIE traded up $0.03 during mid-day trading on Monday, reaching $23.02. The company’s stock had a trading volume of 65,224 shares, compared to its average volume of 68,259. Virtus Equity & Convertible Income Fund has a 12-month low of $18.61 and a 12-month high of $23.88. The company’s 50 day moving average is $22.43 and its 200 day moving average is $22.48.

Virtus Equity & Convertible Income Fund Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Friday, September 13th were paid a dividend of $0.50 per share. The ex-dividend date was Friday, September 13th. This represents a $2.00 dividend on an annualized basis and a yield of 8.69%.

About Virtus Equity & Convertible Income Fund

(Get Free Report)

Virtus Equity & Convertible Income Fund is a closed ended equity mutual fund launched and managed by Allianz Global Investors Fund Management LLC. The fund is co-managed by Allianz Global Investors U.S. LLC. It invests in the public equity markets of the United States. The fund invests in stocks of companies operating across diversified sectors.

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