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

The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) was the recipient of a large growth in short interest in the month of August. As of August 31st, there was short interest totalling 31,200 shares, a growth of 46.5% from the August 15th total of 21,300 shares. Based on an average daily trading volume, of 47,300 shares, the short-interest ratio is currently 0.7 days.

Insiders Place Their Bets

In other news, insider Mario J. Gabelli sold 8,000 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $4.00, for a total value of $32,000.00. Following the completion of the transaction, the insider now owns 1,092,000 shares in the company, valued at $4,368,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last three months, insiders have sold 11,093 shares of company stock worth $43,656. Company insiders own 0.78% of the company’s stock.

Hedge Funds Weigh In On The Gabelli Convertible and Income Securities Fund

A number of large investors have recently bought and sold shares of GCV. Hoylecohen LLC acquired a new stake in shares of The Gabelli Convertible and Income Securities Fund in the second quarter valued at approximately $128,000. Cornerstone Advisors LLC increased its stake in 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 valued at $95,000 after buying an additional 8,897 shares during the last quarter. PFG Advisors increased its stake in 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 valued at $324,000 after buying an additional 3,185 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in The Gabelli Convertible and Income Securities Fund by 91.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 24,248 shares of the investment management company’s stock worth $90,000 after buying an additional 11,597 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of The Gabelli Convertible and Income Securities Fund during the 4th quarter worth about $225,000. Institutional investors and hedge funds own 23.40% of the company’s stock.

The Gabelli Convertible and Income Securities Fund Stock Performance

Shares of The Gabelli Convertible and Income Securities Fund stock opened at $4.09 on Monday. The stock’s 50-day moving average is $3.80 and its 200-day moving average is $3.69. The Gabelli Convertible and Income Securities Fund has a one year low of $3.15 and a one year high of $4.34.

The Gabelli Convertible and Income Securities Fund Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Monday, September 16th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 11.74%. The ex-dividend date is Monday, September 16th.

About The Gabelli Convertible and Income Securities Fund

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.