Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) Sees Large Drop in Short Interest

by · The Markets Daily

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV – Get Free Report) saw a large drop in short interest in August. As of August 14th, there was short interest totaling 18,465 shares, a drop of 56.6% from the July 30th total of 42,573 shares. Currently, 0.1% of the shares of the company are sold short. Based on an average daily volume of 49,755 shares, the short-interest ratio is currently 0.4 days.

Gabelli Convertible & Income Securities Fund Stock Performance

NYSE:GCV remained flat at $4.59 during trading hours on Friday. 21,988 shares of the company’s stock traded hands, compared to its average volume of 41,596. Gabelli Convertible & Income Securities Fund has a 12 month low of $3.98 and a 12 month high of $4.80. The company’s 50-day moving average is $4.63 and its 200 day moving average is $4.54.

Gabelli Convertible & Income Securities Fund Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 10.5%.

Institutional Trading of Gabelli Convertible & Income Securities Fund

Several large investors have recently added to or reduced their stakes in GCV. Cetera Investment Advisers increased its holdings in shares of Gabelli Convertible & Income Securities Fund by 4.1% in the fourth quarter. Cetera Investment Advisers now owns 56,831 shares of the investment management company’s stock valued at $236,000 after purchasing an additional 2,252 shares during the period. Kestra Advisory Services LLC lifted its holdings in shares of Gabelli Convertible & Income Securities Fund by 59.2% during the fourth quarter. Kestra Advisory Services LLC now owns 57,251 shares of the investment management company’s stock worth $238,000 after purchasing an additional 21,290 shares during the period. Susquehanna International Group LLP purchased a new stake in Gabelli Convertible & Income Securities Fund in the third quarter valued at approximately $186,000. Benjamin Edwards Inc. increased its holdings in Gabelli Convertible & Income Securities Fund by 8.5% in the 2nd quarter. Benjamin Edwards Inc. now owns 37,039 shares of the investment management company’s stock worth $173,000 after buying an additional 2,907 shares during the period. Finally, Equitable Holdings Inc. acquired a new position in Gabelli Convertible & Income Securities Fund in the 2nd quarter worth approximately $393,000. Hedge funds and other institutional investors own 23.40% of the company’s stock.

About Gabelli Convertible & Income Securities Fund

(Get Free Report)

Gabelli Convertible & Income Securities Fund (NYSE: GCV) is a closed-end management investment company that seeks to provide current income and capital appreciation by investing primarily in convertible securities and other fixed-income instruments. The fund’s portfolio typically includes convertible corporate bonds, preferred stocks, and equities of companies that offer the potential for both income generation and price appreciation through embedded option features.

The fund pursues a strategy that combines credit analysis with equity valuation to identify convertible securities that offer attractive yields relative to their risk profiles.

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