Advent Convertible and Income Fund (NYSE:AVK) Stock Price Crosses Below 200 Day Moving Average – Here’s Why

Advent Convertible and Income Fund (NYSE:AVK)’s share price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $12.02 and traded as low as $11.60. Advent Convertible and Income Fund shares last traded at $11.75, with a volume of 240,798 shares trading hands.

Advent Convertible and Income Fund Stock Performance

The stock has a 50 day moving average price of $11.94 and a 200 day moving average price of $12.02.

Advent Convertible and Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Friday, January 31st. Shareholders of record on Wednesday, January 15th will be issued a dividend of $0.1172 per share. This represents a $1.41 dividend on an annualized basis and a yield of 11.97%. The ex-dividend date of this dividend is Wednesday, January 15th.

Insider Activity

In other news, VP Tony Huang purchased 2,300 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 $25,944.00. Following the transaction, the vice president now owns 9,400 shares of the company’s stock, valued at approximately $106,032. This trade represents a 32.39 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Randall C. Barnes acquired 3,785 shares of the firm’s stock in a transaction dated Thursday, October 17th. The shares were purchased 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 owns 15,140 shares of the company’s stock, valued at $170,779.20. This trade represents a 33.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 19,264 shares of company stock valued at $217,298.

Hedge Funds Weigh In On Advent Convertible and Income Fund

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Penserra Capital Management LLC bought a new position in shares of Advent Convertible and Income Fund in the 3rd quarter worth about $11,695,000. Arete Wealth Advisors LLC grew its stake in Advent Convertible and Income Fund by 105.6% during the third quarter. Arete Wealth Advisors LLC now owns 600,039 shares of the investment management company’s stock worth $7,044,000 after purchasing an additional 308,255 shares during the period. Advisors Asset Management Inc. increased its holdings in Advent Convertible and Income Fund by 28.5% in the third quarter. Advisors Asset Management Inc. now owns 492,836 shares of the investment management company’s stock worth $5,786,000 after purchasing an additional 109,395 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in Advent Convertible and Income Fund in the second quarter valued at approximately $581,000. Finally, Shaker Financial Services LLC bought a new position in shares of Advent Convertible and Income Fund during the 3rd quarter worth approximately $488,000.

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.