Advent Convertible and Income Fund (NYSE:AVK) Short Interest Update

Advent Convertible and Income Fund (NYSE:AVK) was the recipient of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 2,140,000 shares, an increase of 47.6% from the September 30th total of 1,450,000 shares. Based on an average daily volume of 191,600 shares, the days-to-cover ratio is presently 11.2 days.

Advent Convertible and Income Fund Stock Down 0.4 %

Shares of AVK traded down $0.05 during trading hours on Tuesday, reaching $11.17. 187,482 shares of the company traded hands, compared to its average volume of 138,291. The stock’s fifty day moving average price is $11.95 and its 200 day moving average price is $12.01. Advent Convertible and Income Fund has a 12-month low of $9.24 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 Thursday, October 31st. Shareholders of record on Wednesday, October 2nd will be given a $0.1172 dividend. This represents a $1.41 annualized dividend and a yield of 12.59%. This is a boost from Advent Convertible and Income Fund’s previous monthly dividend of $0.09. The ex-dividend date is Wednesday, October 2nd.

Insider Activity

In other news, insider Randall C. Barnes bought 3,785 shares of Advent Convertible and Income Fund stock in a transaction dated 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 purchase, the insider now owns 15,140 shares in the company, valued at $170,779.20. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Advent Convertible and Income Fund news, insider Randall C. Barnes bought 3,785 shares of the company’s stock in a transaction on Thursday, October 17th. The stock was acquired at an average price of $11.28 per share, for a total transaction 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 approximately $170,779.20. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Tony Huang bought 2,300 shares of the business’s stock in a transaction dated Thursday, October 17th. The shares were acquired at an average cost of $11.28 per share, for a total transaction of $25,944.00. Following the purchase, the vice president now owns 9,400 shares of the company’s stock, valued at approximately $106,032. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 19,264 shares of company stock valued at $217,298.

Hedge Funds Weigh In On Advent Convertible and Income Fund

A number of hedge funds have recently added to or reduced their stakes in AVK. Capital Investment Advisors LLC purchased a new position in shares of Advent Convertible and Income Fund during the third quarter valued at $119,000. Capital Wealth Alliance LLC purchased a new position in Advent Convertible and Income Fund during the 1st quarter valued at about $128,000. Jaffetilchin Investment Partners LLC bought a new stake in shares of Advent Convertible and Income Fund in the 1st quarter valued at about $130,000. Trust Investment Advisors bought a new stake in shares of Advent Convertible and Income Fund in the 2nd quarter valued at about $133,000. Finally, Calton & Associates Inc. purchased a new stake in shares of Advent Convertible and Income Fund in the 3rd quarter worth approximately $152,000.

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.