The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) Sees Significant Increase in Short Interest

The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) saw a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 5,500 shares, an increase of 1,000.0% from the September 30th total of 500 shares. Based on an average daily volume of 56,700 shares, the days-to-cover ratio is currently 0.1 days.

Insider Buying and Selling at The Gabelli Convertible and Income Securities Fund

In other The Gabelli Convertible and Income Securities Fund news, insider Mario J. Gabelli sold 8,000 shares of The Gabelli Convertible and Income Securities Fund stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $4.00, for a total value of $32,000.00. Following the transaction, the insider now owns 1,092,000 shares in the company, valued at $4,368,000. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 14,093 shares of company stock worth $54,846 in the last quarter. 0.78% of the stock is owned by insiders.

Hedge Funds Weigh In On The Gabelli Convertible and Income Securities Fund

A number of institutional investors have recently added to or reduced their stakes in GCV. Cornerstone Advisors LLC increased its position in shares of The Gabelli Convertible and Income Securities Fund by 53.0% in the 1st quarter. Cornerstone Advisors LLC now owns 25,697 shares of the investment management company’s stock worth $95,000 after purchasing an additional 8,897 shares during the last quarter. Janney Montgomery Scott LLC increased its position in shares of The Gabelli Convertible and Income Securities Fund by 91.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 24,248 shares of the investment management company’s stock worth $90,000 after purchasing an additional 11,597 shares during the last quarter. M&R Capital Management Inc. increased its position in shares of The Gabelli Convertible and Income Securities Fund by 316.9% in the 3rd quarter. M&R Capital Management Inc. now owns 7,767 shares of the investment management company’s stock worth $29,000 after purchasing an additional 5,904 shares during the last quarter. Hoylecohen LLC bought a new stake in shares of The Gabelli Convertible and Income Securities Fund in the 2nd quarter worth about $128,000. Finally, PFG Advisors increased its position in shares of The Gabelli Convertible and Income Securities Fund by 3.8% in the 1st quarter. PFG Advisors now owns 87,262 shares of the investment management company’s stock worth $324,000 after purchasing an additional 3,185 shares during the last quarter. Institutional investors and hedge funds own 23.40% of the company’s stock.

The Gabelli Convertible and Income Securities Fund Stock Performance

Shares of NYSE:GCV traded up $0.02 during midday trading on Friday, hitting $3.71. 27,467 shares of the company’s stock traded hands, compared to its average volume of 48,446. The firm’s fifty day moving average price is $3.82 and its two-hundred day moving average price is $3.70. The Gabelli Convertible and Income Securities Fund has a twelve month low of $3.15 and a twelve month high of $4.34.

The Gabelli Convertible and Income Securities Fund Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Monday, September 16th were issued a $0.12 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.48 dividend on an annualized basis and a yield of 12.94%.

About The Gabelli Convertible and Income Securities Fund

The Gabelli Convertible and Income Securities Fund Inc is a closed-ended balanced mutual fund launched by GAMCO Investors, Inc The fund is managed by Gabelli Funds, LLC. It invests in public equity and fixed income markets. The fund seeks to invest in stocks of companies operating across diversified sectors.