Advent Convertible and Income Fund (NYSE:AVK) Sees Significant Increase in Short Interest

Advent Convertible and Income Fund (NYSE:AVK) was the target of a significant growth in short interest in November. As of November 15th, there was short interest totalling 182,100 shares, a growth of 55.1% from the October 31st total of 117,400 shares. Based on an average trading volume of 238,300 shares, the days-to-cover ratio is presently 0.8 days.

Advent Convertible and Income Fund Price Performance

NYSE AVK traded down $0.02 during trading hours on Friday, hitting $12.18. The company’s stock had a trading volume of 200,945 shares, compared to its average volume of 150,511. The company’s 50 day simple moving average is $11.58 and its two-hundred day simple moving average is $12.01. Advent Convertible and Income Fund has a 12 month low of $10.32 and a 12 month high of $12.97.

Advent Convertible and Income Fund Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.1172 per share. This represents a $1.41 annualized dividend and a dividend yield of 11.55%. This is a boost from Advent Convertible and Income Fund’s previous monthly dividend of $0.09. The ex-dividend date of this dividend is Friday, November 15th.

Insiders Place Their Bets

In other news, CEO Tracy V. Maitland bought 13,179 shares of the company’s stock in a transaction dated Thursday, October 17th. The shares were purchased at an average price 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 in the company, valued at approximately $512,664.72. This represents a 40.84 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Randall C. Barnes acquired 3,785 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The stock was purchased at an average price of $11.28 per share, with a total value of $42,694.80. Following the completion of the acquisition, the insider now owns 15,140 shares in the company, valued at $170,779.20. The trade was a 33.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 19,264 shares of company stock valued at $217,298.

Institutional Investors Weigh In On Advent Convertible and Income Fund

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital Investment Advisors LLC bought a new stake in shares of Advent Convertible and Income Fund in the third quarter worth $119,000. Trust Investment Advisors purchased a new position in shares of Advent Convertible and Income Fund during the 2nd quarter worth $133,000. Encompass More Asset Management bought a new stake in shares of Advent Convertible and Income Fund during the 3rd quarter valued at $140,000. Calton & Associates Inc. bought a new position in Advent Convertible and Income Fund in the 3rd quarter worth $152,000. Finally, Jaffetilchin Investment Partners LLC grew its holdings in Advent Convertible and Income Fund by 29.7% during the second 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.

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.