Short Interest in Advent Convertible and Income Fund (NYSE:AVK) Decreases By 94.5%

Advent Convertible and Income Fund (NYSE:AVK) saw a large drop in short interest in October. As of October 31st, there was short interest totalling 117,400 shares, a drop of 94.5% from the October 15th total of 2,140,000 shares. Based on an average daily volume of 198,000 shares, the short-interest ratio is presently 0.6 days.

Advent Convertible and Income Fund Trading Up 0.9 %

Shares of NYSE:AVK traded up $0.11 on Tuesday, reaching $11.86. The company had a trading volume of 393,270 shares, compared to its average volume of 142,296. Advent Convertible and Income Fund has a 52-week low of $10.01 and a 52-week high of $12.97. The firm’s 50 day simple moving average is $11.71 and its 200-day simple moving average is $12.00.

Advent Convertible and Income Fund Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, November 29th. Investors of record on Friday, November 15th will be paid a dividend of $0.1172 per share. This represents a $1.41 dividend on an annualized basis and a yield of 11.86%. The ex-dividend date is Friday, November 15th. This is an increase from Advent Convertible and Income Fund’s previous monthly dividend of $0.09.

Insider Buying and Selling at Advent Convertible and Income Fund

In other Advent Convertible and Income Fund news, CEO Tracy V. Maitland bought 13,179 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The stock was purchased at an average cost of $11.28 per share, for a total transaction of $148,659.12. Following the completion of the purchase, the chief executive officer now owns 45,449 shares of the company’s stock, valued at $512,664.72. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related 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 acquired at an average price of $11.28 per share, with a total value of $42,694.80. Following the completion of the transaction, the insider now directly owns 15,140 shares of the company’s stock, valued at $170,779.20. This represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Tracy V. Maitland purchased 13,179 shares of the firm’s stock in a transaction on Thursday, October 17th. The shares were acquired at an average price of $11.28 per share, with a total value of $148,659.12. Following the completion of the acquisition, the chief executive officer now owns 45,449 shares in the company, valued at approximately $512,664.72. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased 19,264 shares of company stock valued at $217,298 in the last quarter.

Hedge Funds Weigh In On Advent Convertible and Income Fund

Hedge funds have recently added to or reduced their stakes in the business. Atomi Financial Group Inc. boosted its holdings in shares of Advent Convertible and Income Fund by 7.4% during the first quarter. Atomi Financial Group Inc. now owns 16,782 shares of the investment management company’s stock worth $200,000 after purchasing an additional 1,163 shares during the period. Concurrent Investment Advisors LLC raised its position in shares of Advent Convertible and Income Fund by 12.6% in the first quarter. Concurrent Investment Advisors LLC now owns 15,483 shares of the investment management company’s stock valued at $185,000 after buying an additional 1,729 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of Advent Convertible and Income Fund by 8.0% during the second quarter. International Assets Investment Management LLC now owns 34,736 shares of the investment management company’s stock worth $414,000 after buying an additional 2,575 shares during the last quarter. Jaffetilchin Investment Partners LLC lifted its stake in shares of Advent Convertible and Income Fund by 29.7% in the 2nd quarter. Jaffetilchin Investment Partners LLC now owns 14,080 shares of the investment management company’s stock valued at $168,000 after purchasing an additional 3,222 shares during the period. Finally, Capital Investment Advisors LLC bought a new position in shares of Advent Convertible and Income Fund in the third quarter valued at approximately $119,000.

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.