Advent Convertible and Income Fund (NYSE:AVK) Short Interest Up 55.1% in November

Advent Convertible and Income Fund (NYSE:AVK) was the recipient of a large growth in short interest during the month of 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 daily volume of 238,300 shares, the days-to-cover ratio is currently 0.8 days.

Insider Activity

In other Advent Convertible and Income Fund news, CEO Tracy V. Maitland acquired 13,179 shares of the business’s stock in a transaction dated Thursday, October 17th. The stock was bought at an average price of $11.28 per share, with a total value of $148,659.12. Following the purchase, the chief executive officer now owns 45,449 shares of the company’s stock, valued at approximately $512,664.72. This trade represents a 40.84 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Tony Huang bought 2,300 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The stock was acquired 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 in the company, valued at $106,032. This trade represents a 32.39 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have bought 19,264 shares of company stock worth $217,298.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Penserra Capital Management LLC bought a new position in Advent Convertible and Income Fund in the third quarter worth about $11,695,000. Advisors Asset Management Inc. raised its position in shares of Advent Convertible and Income Fund by 28.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 492,836 shares of the investment management company’s stock worth $5,786,000 after acquiring an additional 109,395 shares in the last quarter. Shaker Financial Services LLC purchased a new position in shares of Advent Convertible and Income Fund in the 3rd quarter valued at approximately $488,000. Calton & Associates Inc. purchased a new position in shares of Advent Convertible and Income Fund in the 3rd quarter valued at approximately $152,000. Finally, Capital Investment Advisors LLC bought a new stake in shares of Advent Convertible and Income Fund during the third quarter valued at approximately $119,000.

Advent Convertible and Income Fund Stock Down 0.2 %

Shares of Advent Convertible and Income Fund stock traded down $0.02 on Friday, hitting $12.18. The stock had a trading volume of 200,945 shares, compared to its average volume of 150,511. The stock’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 one year low of $10.32 and a one year high of $12.97.

Advent Convertible and Income Fund Increases Dividend

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

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.