Short Interest in Advent Convertible and Income Fund (NYSE:AVK) Grows By 55.1%

Advent Convertible and Income Fund (NYSE:AVK) was the recipient of a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 182,100 shares, an increase of 55.1% from the October 31st total of 117,400 shares. Based on an average daily trading volume, of 238,300 shares, the short-interest ratio is presently 0.8 days.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Advent Convertible and Income Fund

Several institutional investors and hedge funds have recently modified their holdings of AVK. Capital Investment Advisors LLC bought a new position in Advent Convertible and Income Fund in the third quarter valued at approximately $119,000. Trust Investment Advisors acquired a new stake in shares of Advent Convertible and Income Fund during the second quarter worth $133,000. Encompass More Asset Management bought a new stake in Advent Convertible and Income Fund in the 3rd quarter valued at $140,000. Calton & Associates Inc. acquired a new position in Advent Convertible and Income Fund in the 3rd quarter worth $152,000. Finally, Jaffetilchin Investment Partners LLC boosted its stake in Advent Convertible and Income Fund by 29.7% in the 2nd quarter. Jaffetilchin Investment Partners LLC now owns 14,080 shares of the investment management company’s stock worth $168,000 after purchasing an additional 3,222 shares during the period.

Advent Convertible and Income Fund Stock Performance

AVK stock traded down $0.02 during midday trading on Friday, hitting $12.18. 200,945 shares of the company’s stock were exchanged, compared to its average volume of 150,511. Advent Convertible and Income Fund has a one year low of $10.32 and a one year high of $12.97. The stock’s fifty day moving average price is $11.58 and its 200-day moving average price is $12.01.

Advent Convertible and Income Fund Increases Dividend

The firm also recently disclosed a monthly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a dividend of $0.1172 per share. This represents a $1.41 annualized dividend and a dividend yield of 11.55%. The ex-dividend date was Friday, November 15th. This is a boost from Advent Convertible and Income Fund’s previous monthly dividend of $0.09.

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.