The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) Sees Significant Increase in Short Interest

The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) was the target of a large increase in short interest during the month of October. As of October 15th, there was short interest totalling 5,500 shares, an increase of 1,000.0% from the September 30th total of 500 shares. Based on an average daily trading volume, of 56,700 shares, the short-interest ratio is presently 0.1 days.

Insider Activity at The Gabelli Convertible and Income Securities Fund

In related news, insider Mario J. Gabelli sold 8,000 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $4.00, for a total transaction of $32,000.00. Following the completion of the sale, the insider now owns 1,092,000 shares of the company’s stock, valued at $4,368,000. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 14,093 shares of company stock valued at $54,846 in the last quarter. Insiders own 0.78% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GCV. M&R Capital Management Inc. grew its position in The Gabelli Convertible and Income Securities Fund by 316.9% in the 3rd quarter. M&R Capital Management Inc. now owns 7,767 shares of the investment management company’s stock worth $29,000 after purchasing an additional 5,904 shares during the last quarter. Janney Montgomery Scott LLC lifted its stake in shares of The Gabelli Convertible and Income Securities Fund by 91.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 24,248 shares of the investment management company’s stock worth $90,000 after acquiring an additional 11,597 shares during the period. Cornerstone Advisors LLC lifted its stake in shares of The Gabelli Convertible and Income Securities Fund by 53.0% in the 1st quarter. Cornerstone Advisors LLC now owns 25,697 shares of the investment management company’s stock worth $95,000 after acquiring an additional 8,897 shares during the period. Hoylecohen LLC acquired a new stake in shares of The Gabelli Convertible and Income Securities Fund in the 2nd quarter worth approximately $128,000. Finally, PFG Advisors lifted its stake in shares of The Gabelli Convertible and Income Securities Fund by 3.8% in the 1st quarter. PFG Advisors now owns 87,262 shares of the investment management company’s stock worth $324,000 after acquiring an additional 3,185 shares during the period. Institutional investors own 23.40% of the company’s stock.

The Gabelli Convertible and Income Securities Fund Price Performance

Shares of NYSE:GCV traded up $0.02 during trading on Friday, reaching $3.71. 27,467 shares of the company’s stock traded hands, compared to its average volume of 48,446. The Gabelli Convertible and Income Securities Fund has a 12 month low of $3.15 and a 12 month high of $4.34. The company has a 50 day moving average of $3.82 and a 200-day moving average of $3.70.

The Gabelli Convertible and Income Securities Fund Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Monday, September 16th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 12.94%. The ex-dividend date of this dividend was Monday, September 16th.

The Gabelli Convertible and Income Securities Fund Company Profile

The Gabelli Convertible and Income Securities Fund Inc is a closed-ended balanced mutual fund launched by GAMCO Investors, Inc The fund is managed by Gabelli Funds, LLC. It invests in public equity and fixed income markets. The fund seeks to invest in stocks of companies operating across diversified sectors.