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

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the target of a significant drop in short interest during the month of January. As of January 15th, there was short interest totalling 68,800 shares, a drop of 59.2% from the December 31st total of 168,500 shares. Based on an average trading volume of 62,900 shares, the short-interest ratio is presently 1.1 days.

Hedge Funds Weigh In On Virtus Equity & Convertible Income Fund

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Advisors Asset Management Inc. grew its position in Virtus Equity & Convertible Income Fund by 2.6% in the 3rd quarter. Advisors Asset Management Inc. now owns 954,418 shares of the company’s stock valued at $21,961,000 after buying an additional 24,306 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in shares of Virtus Equity & Convertible Income Fund by 0.7% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 382,423 shares of the company’s stock worth $8,800,000 after purchasing an additional 2,767 shares in the last quarter. International Assets Investment Management LLC boosted its position in shares of Virtus Equity & Convertible Income Fund by 2,082.9% during the 3rd quarter. International Assets Investment Management LLC now owns 291,307 shares of the company’s stock worth $6,703,000 after purchasing an additional 277,962 shares in the last quarter. Raymond James & Associates boosted its position in shares of 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 worth $5,160,000 after purchasing an additional 1,071 shares in the last quarter. Finally, Sanctuary Advisors LLC boosted its position in shares of Virtus Equity & Convertible Income Fund by 5.9% during the 3rd quarter. Sanctuary Advisors LLC now owns 85,664 shares of the company’s stock worth $2,067,000 after purchasing an additional 4,776 shares in the last quarter.

Virtus Equity & Convertible Income Fund Stock Performance

Shares of NIE traded up $0.31 during mid-day trading on Thursday, reaching $25.08. 25,314 shares of the company’s stock were exchanged, compared to its average volume of 63,140. The business’s fifty day simple moving average is $24.48 and its 200-day simple moving average is $23.43. Virtus Equity & Convertible Income Fund has a 52-week low of $20.75 and a 52-week high of $25.44.

Virtus Equity & Convertible Income Fund Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Thursday, December 12th were given a $0.50 dividend. The ex-dividend date of this dividend was Thursday, December 12th. This represents a $2.00 dividend on an annualized basis and a yield of 7.98%.

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.