Advent Convertible and Income Fund (NYSE:AVK) Stock Price Crosses Above 50-Day Moving Average of $11.89

Advent Convertible and Income Fund (NYSE:AVK)’s share price passed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $11.89 and traded as high as $11.96. Advent Convertible and Income Fund shares last traded at $11.87, with a volume of 76,942 shares traded.

Advent Convertible and Income Fund Stock Performance

The business has a 50-day moving average of $11.90 and a 200 day moving average of $11.74.

Advent Convertible and Income Fund Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, July 31st. Investors of record on Monday, July 15th will be given a dividend of $0.1172 per share. The ex-dividend date is Monday, July 15th. This is an increase from Advent Convertible and Income Fund’s previous monthly dividend of $0.12. This represents a $1.41 annualized dividend and a yield of 11.87%.

Hedge Funds Weigh In On Advent Convertible and Income Fund

A number of hedge funds have recently made changes to their positions in AVK. MeadowBrook Investment Advisors LLC acquired a new position in shares of Advent Convertible and Income Fund during the 4th quarter valued at $55,000. Capital Wealth Alliance LLC acquired a new stake in Advent Convertible and Income Fund in the first quarter valued at approximately $128,000. Jaffetilchin Investment Partners LLC purchased a new stake in shares of Advent Convertible and Income Fund during the first quarter valued at approximately $130,000. Capital Investment Advisors LLC lifted its position in shares of Advent Convertible and Income Fund by 8.8% during the fourth quarter. Capital Investment Advisors LLC now owns 12,419 shares of the investment management company’s stock worth $141,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Park Avenue Securities LLC boosted its stake in shares of Advent Convertible and Income Fund by 11.5% in the first quarter. Park Avenue Securities LLC now owns 13,064 shares of the investment management company’s stock valued at $156,000 after purchasing an additional 1,348 shares during the period.

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.