Virtus Equity & Convertible Income Fund (NYSE:NIE) Trading Up 1.5% – Here’s Why

Virtus Equity & Convertible Income Fund (NYSE:NIE) shares traded up 1.5% on Monday . The stock traded as high as $23.97 and last traded at $23.89. 39,258 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 66,104 shares. The stock had previously closed at $23.54.

Virtus Equity & Convertible Income Fund Stock Performance

The company has a 50-day moving average of $23.23 and a two-hundred day moving average of $22.85.

Virtus Equity & Convertible Income Fund Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Friday, September 13th were paid a $0.50 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.00 annualized dividend and a dividend yield of 8.38%.

Institutional Investors Weigh In On Virtus Equity & Convertible Income Fund

A number of institutional investors have recently modified their holdings of the business. Luken Investment Analytics LLC acquired a new position in shares of Virtus Equity & Convertible Income Fund in the second quarter worth about $27,000. Northwestern Mutual Wealth Management Co. boosted its holdings in Virtus Equity & Convertible Income Fund by 451.2% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 11,828 shares of the company’s stock worth $275,000 after purchasing an additional 9,682 shares in the last quarter. Global Assets Advisory LLC acquired a new stake in shares of Virtus Equity & Convertible Income Fund in the third quarter worth $275,000. International Assets Investment Management LLC lifted its position in shares of Virtus Equity & Convertible Income Fund by 7.4% during the 2nd quarter. International Assets Investment Management LLC now owns 13,345 shares of the company’s stock worth $310,000 after purchasing an additional 925 shares during the last quarter. Finally, PFG Investments LLC acquired a new stake in shares of Virtus Equity & Convertible Income Fund in the second quarter worth $327,000.

About Virtus Equity & Convertible Income Fund

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.