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

Advent Convertible and Income Fund (NYSE:AVK) saw a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 103,100 shares, an increase of 35.3% from the February 28th total of 76,200 shares. Based on an average daily trading volume, of 154,300 shares, the short-interest ratio is currently 0.7 days.

Hedge Funds Weigh In On Advent Convertible and Income Fund

Several institutional investors have recently made changes to their positions in AVK. Sit Investment Associates Inc. boosted its position in shares of Advent Convertible and Income Fund by 3,605.3% during the fourth quarter. Sit Investment Associates Inc. now owns 4,355,074 shares of the investment management company’s stock valued at $51,259,000 after buying an additional 4,237,538 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Advent Convertible and Income Fund in the 4th quarter worth about $13,713,000. Absolute Investment Advisers LLC purchased a new stake in Advent Convertible and Income Fund in the 4th quarter valued at about $9,384,000. Arete Wealth Advisors LLC lifted its position in shares of Advent Convertible and Income Fund by 105.6% during the 3rd quarter. Arete Wealth Advisors LLC now owns 600,039 shares of the investment management company’s stock worth $7,044,000 after buying an additional 308,255 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its stake in shares of Advent Convertible and Income Fund by 22.3% in the 4th quarter. Advisors Asset Management Inc. now owns 602,548 shares of the investment management company’s stock worth $7,092,000 after buying an additional 109,712 shares during the last quarter.

Advent Convertible and Income Fund Stock Performance

AVK traded down $0.11 during trading on Monday, reaching $11.47. 179,596 shares of the stock traded hands, compared to its average volume of 161,264. The stock’s 50-day moving average is $11.95 and its 200 day moving average is $11.85. Advent Convertible and Income Fund has a 12 month low of $11.06 and a 12 month high of $12.97.

Advent Convertible and Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.1172 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.41 annualized dividend and a dividend yield of 12.26%.

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.