Virtus Equity & Convertible Income Fund (NYSE:NIE) Sees Large Decline in Short Interest

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the recipient of a significant decline in short interest in July. As of July 15th, there was short interest totalling 31,300 shares, a decline of 63.8% from the June 30th total of 86,500 shares. Based on an average daily volume of 63,600 shares, the short-interest ratio is presently 0.5 days.

Virtus Equity & Convertible Income Fund Stock Performance

Shares of NIE stock traded down $0.03 on Thursday, reaching $22.30. 109,373 shares of the stock were exchanged, compared to its average volume of 67,955. The business’s 50 day moving average price is $22.94 and its 200 day moving average price is $22.25. Virtus Equity & Convertible Income Fund has a twelve month low of $18.61 and a twelve month high of $23.88.

Virtus Equity & Convertible Income Fund Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 27th. Investors of record on Thursday, June 13th were paid a dividend of $0.50 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 8.97%.

Hedge Funds Weigh In On Virtus Equity & Convertible Income Fund

A number of institutional investors and hedge funds have recently modified their holdings of the company. ICA Group Wealth Management LLC acquired a new position in Virtus Equity & Convertible Income Fund in the fourth quarter valued at $31,000. Blue Bell Private Wealth Management LLC purchased a new position in Virtus Equity & Convertible Income Fund during the first quarter worth about $34,000. Silverlake Wealth Management LLC purchased a new position in Virtus Equity & Convertible Income Fund during the first quarter worth about $209,000. Creekmur Asset Management LLC purchased a new position in Virtus Equity & Convertible Income Fund during the fourth quarter worth about $241,000. Finally, Level Four Advisory Services LLC increased its holdings in Virtus Equity & Convertible Income Fund by 9.0% in the fourth quarter. Level Four Advisory Services LLC now owns 12,409 shares of the company’s stock valued at $259,000 after buying an additional 1,022 shares in the last quarter.

Virtus Equity & Convertible Income Fund Company Profile

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.