Virtus Equity & Convertible Income Fund (NYSE:NIE) Stock Price Down 1.7% – Should You Sell?

Virtus Equity & Convertible Income Fund (NYSE:NIE) dropped 1.7% on Friday . The stock traded as low as $22.02 and last traded at $22.14. Approximately 171,040 shares traded hands during trading, an increase of 167% from the average daily volume of 64,058 shares. The stock had previously closed at $22.51.

Virtus Equity & Convertible Income Fund Trading Down 1.7 %

The business’s fifty day simple moving average is $23.93 and its two-hundred day simple moving average is $23.82.

Virtus Equity & Convertible Income Fund Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Thursday, June 12th will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 9.04%. The ex-dividend date is Thursday, June 12th.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. CoreCap Advisors LLC increased its holdings in shares of Virtus Equity & Convertible Income Fund by 32,400.0% in the 4th quarter. CoreCap Advisors LLC now owns 1,300 shares of the company’s stock valued at $32,000 after acquiring an additional 1,296 shares during the period. POM Investment Strategies LLC purchased a new position in Virtus Equity & Convertible Income Fund during the 4th quarter worth $42,000. JPMorgan Chase & Co. increased its stake in Virtus Equity & Convertible Income Fund by 29.1% in the third quarter. JPMorgan Chase & Co. now owns 2,881 shares of the company’s stock valued at $66,000 after purchasing an additional 650 shares during the period. Silverlake Wealth Management LLC purchased a new stake in shares of Virtus Equity & Convertible Income Fund in the fourth quarter valued at about $201,000. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new stake in shares of Virtus Equity & Convertible Income Fund during the fourth quarter worth about $214,000.

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.