Virtus Equity & Convertible Income Fund (NYSE:NIE) Shares Up 1.5% – Time to Buy?

Virtus Equity & Convertible Income Fund (NYSE:NIE)’s share price shot up 1.5% during mid-day trading on Monday . The company traded as high as $23.97 and last traded at $23.89. 39,258 shares were traded 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 firm has a 50 day moving average price of $23.23 and a 200-day moving average price of $22.85.

Virtus Equity & Convertible Income Fund Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 26th. Investors of record on Friday, September 13th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 8.38%. The ex-dividend date was Friday, September 13th.

Hedge Funds Weigh In On Virtus Equity & Convertible Income Fund

Several institutional investors and hedge funds have recently added to or reduced their stakes in NIE. Stolper Co lifted its position in Virtus Equity & Convertible Income Fund by 1.4% in the 3rd quarter. Stolper Co now owns 30,889 shares of the company’s stock valued at $711,000 after acquiring an additional 437 shares in the last quarter. International Assets Investment Management LLC increased its stake in shares of Virtus Equity & Convertible Income Fund by 7.4% in the second 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 in the last quarter. Capital Investment Advisors LLC lifted its position in shares of Virtus Equity & Convertible Income Fund by 1.5% during the second quarter. Capital Investment Advisors LLC now owns 65,688 shares of the company’s stock worth $1,527,000 after acquiring an additional 1,000 shares in the last quarter. Raymond James & Associates grew its holdings in Virtus Equity & Convertible Income Fund by 0.5% during the 3rd quarter. Raymond James & Associates now owns 224,251 shares of the company’s stock valued at $5,160,000 after buying an additional 1,071 shares in the last quarter. Finally, Cornerstone Wealth Management LLC boosted its holdings in Virtus Equity & Convertible Income Fund by 5.3% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 22,533 shares of the company’s stock valued at $518,000 after purchasing an additional 1,132 shares during the period.

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.