Advent Convertible and Income Fund (NYSE:AVK) Short Interest Update

Advent Convertible and Income Fund (NYSE:AVK) saw a significant drop in short interest during the month of November. As of November 30th, there was short interest totalling 163,500 shares, a drop of 10.2% from the November 15th total of 182,100 shares. Based on an average daily volume of 251,100 shares, the days-to-cover ratio is presently 0.7 days.

Advent Convertible and Income Fund Stock Down 0.7 %

NYSE:AVK traded down $0.09 during trading hours on Tuesday, reaching $12.14. 153,717 shares of the company’s stock were exchanged, compared to its average volume of 151,337. Advent Convertible and Income Fund has a 1-year low of $11.01 and a 1-year high of $12.97. The company has a 50-day moving average of $11.75 and a 200 day moving average of $12.04.

Advent Convertible and Income Fund Increases Dividend

The firm also recently announced a dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.1172 per share. This is an increase from Advent Convertible and Income Fund’s previous dividend of $0.09. The ex-dividend date is Friday, December 13th.

Insiders Place Their Bets

In other news, CEO Tracy V. Maitland purchased 13,179 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The shares were purchased at an average price of $11.28 per share, for a total transaction of $148,659.12. Following the purchase, the chief executive officer now directly owns 45,449 shares of the company’s stock, valued at $512,664.72. This represents a 40.84 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Randall C. Barnes acquired 3,785 shares of Advent Convertible and Income Fund stock in a transaction on Thursday, October 17th. The stock was purchased at an average price of $11.28 per share, with a total value of $42,694.80. Following the purchase, the insider now owns 15,140 shares of the company’s stock, valued at $170,779.20. The trade was a 33.33 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 19,264 shares of company stock valued at $217,298.

Hedge Funds Weigh In On Advent Convertible and Income Fund

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Penserra Capital Management LLC acquired a new stake in Advent Convertible and Income Fund during the 3rd quarter worth approximately $11,695,000. Arete Wealth Advisors LLC raised its stake in shares of Advent Convertible and Income Fund by 105.6% during the third quarter. Arete Wealth Advisors LLC now owns 600,039 shares of the investment management company’s stock worth $7,044,000 after purchasing an additional 308,255 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of Advent Convertible and Income Fund by 28.5% during the third quarter. Advisors Asset Management Inc. now owns 492,836 shares of the investment management company’s stock worth $5,786,000 after purchasing an additional 109,395 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in Advent Convertible and Income Fund by 8.3% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 140,335 shares of the investment management company’s stock valued at $1,673,000 after buying an additional 10,716 shares during the last quarter. Finally, PFG Investments LLC increased its stake in Advent Convertible and Income Fund by 65.9% in the 2nd quarter. PFG Investments LLC now owns 62,034 shares of the investment management company’s stock valued at $739,000 after buying an additional 24,651 shares during the period.

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.