Advent Convertible and Income Fund (NYSE:AVK) Sees Significant Drop in Short Interest

Advent Convertible and Income Fund (NYSE:AVK) was the recipient of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 117,400 shares, a decrease of 94.5% from the October 15th total of 2,140,000 shares. Based on an average daily trading volume, of 198,000 shares, the short-interest ratio is presently 0.6 days.

Insider Buying and Selling

In other news, CEO Tracy V. Maitland bought 13,179 shares of Advent Convertible and Income Fund stock in a transaction dated Thursday, October 17th. The shares were acquired at an average cost of $11.28 per share, with a total value of $148,659.12. Following the completion of the transaction, the chief executive officer now owns 45,449 shares in the company, valued at approximately $512,664.72. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Advent Convertible and Income Fund news, CEO Tracy V. Maitland bought 13,179 shares of the business’s stock in a transaction on Thursday, October 17th. The shares were bought at an average cost of $11.28 per share, for a total transaction of $148,659.12. Following the transaction, the chief executive officer now owns 45,449 shares in the company, valued at approximately $512,664.72. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Randall C. Barnes acquired 3,785 shares of the stock in a transaction on Thursday, October 17th. The shares were purchased at an average price of $11.28 per share, for a total transaction of $42,694.80. Following the transaction, the insider now directly owns 15,140 shares in the company, valued at approximately $170,779.20. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have bought 19,264 shares of company stock worth $217,298.

Institutional Investors Weigh In On Advent Convertible and Income Fund

Several large investors have recently made changes to their positions in AVK. Capital Investment Advisors LLC bought a new position in shares of Advent Convertible and Income Fund during the 3rd quarter worth about $119,000. Capital Wealth Alliance LLC purchased a new position in shares of Advent Convertible and Income Fund in the 1st quarter worth approximately $128,000. Jaffetilchin Investment Partners LLC purchased a new position in shares of Advent Convertible and Income Fund during the first quarter worth about $130,000. Trust Investment Advisors purchased a new stake in shares of Advent Convertible and Income Fund during the second quarter worth about $133,000. Finally, Calton & Associates Inc. purchased a new stake in Advent Convertible and Income Fund during the 3rd quarter valued at about $152,000.

Advent Convertible and Income Fund Trading Up 0.9 %

Shares of AVK stock traded up $0.11 on Tuesday, reaching $11.86. The company’s stock had a trading volume of 393,270 shares, compared to its average volume of 142,296. The stock’s fifty day simple moving average is $11.71 and its 200-day simple moving average is $12.00. Advent Convertible and Income Fund has a 1 year low of $10.01 and a 1 year high of $12.97.

Advent Convertible and Income Fund Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, November 29th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.1172 per share. This represents a $1.41 dividend on an annualized basis and a yield of 11.86%. This is an increase from Advent Convertible and Income Fund’s previous monthly dividend of $0.09. The ex-dividend date of this dividend is Friday, November 15th.

Advent Convertible and Income Fund Company Profile

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.