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

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the recipient of a large decrease in short interest in the month of February. As of February 28th, there was short interest totalling 22,900 shares, a decrease of 49.4% from the February 13th total of 45,300 shares. Based on an average daily volume of 62,700 shares, the short-interest ratio is currently 0.4 days.

Hedge Funds Weigh In On Virtus Equity & Convertible Income Fund

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Raymond James Financial Inc. purchased a new stake in shares of Virtus Equity & Convertible Income Fund during the fourth quarter valued at approximately $13,117,000. Advisors Asset Management Inc. increased its stake in Virtus Equity & Convertible Income Fund by 11.7% during the 4th quarter. Advisors Asset Management Inc. now owns 1,065,736 shares of the company’s stock worth $26,281,000 after buying an additional 111,318 shares during the period. Keystone Financial Group acquired a new position in Virtus Equity & Convertible Income Fund in the 4th quarter worth $991,000. Wells Fargo & Company MN boosted its position in Virtus Equity & Convertible Income Fund by 3.8% in the 4th quarter. Wells Fargo & Company MN now owns 1,078,320 shares of the company’s stock valued at $26,591,000 after buying an additional 39,342 shares during the last quarter. Finally, Landscape Capital Management L.L.C. grew its stake in shares of Virtus Equity & Convertible Income Fund by 90.1% during the third quarter. Landscape Capital Management L.L.C. now owns 76,569 shares of the company’s stock valued at $1,762,000 after acquiring an additional 36,284 shares in the last quarter.

Virtus Equity & Convertible Income Fund Stock Up 1.3 %

NYSE NIE traded up $0.29 during trading hours on Friday, hitting $22.14. The company had a trading volume of 50,548 shares, compared to its average volume of 63,825. The firm’s 50 day moving average is $24.29 and its 200 day moving average is $23.82. Virtus Equity & Convertible Income Fund has a fifty-two week low of $20.75 and a fifty-two week high of $25.44.

Virtus Equity & Convertible Income Fund Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Thursday, June 12th will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, June 12th. This represents a $2.00 annualized dividend and a dividend yield of 9.03%.

About Virtus Equity & Convertible Income Fund

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.