Advent Convertible and Income Fund (NYSE:AVK) Sees Significant Decline in Short Interest
by Jessica Moore · The Cerbat GemAdvent Convertible and Income Fund (NYSE:AVK – Get Free Report) was the target of a significant decline in short interest in the month of April. As of April 30th, there was short interest totaling 23,898 shares, a decline of 60.2% from the April 15th total of 60,028 shares. Based on an average daily volume of 129,361 shares, the short-interest ratio is currently 0.2 days.
Hedge Funds Weigh In On Advent Convertible and Income Fund
Several large investors have recently made changes to their positions in AVK. LFA Lugano Financial Advisors SA purchased a new position in shares of Advent Convertible and Income Fund in the fourth quarter valued at about $34,000. Geneos Wealth Management Inc. lifted its position in shares of Advent Convertible and Income Fund by 301.1% in the first quarter. Geneos Wealth Management Inc. now owns 3,975 shares of the investment management company’s stock valued at $46,000 after acquiring an additional 2,984 shares in the last quarter. MeadowBrook Investment Advisors LLC purchased a new position in shares of Advent Convertible and Income Fund in the first quarter valued at about $53,000. Atlantic Union Bankshares Corp purchased a new position in shares of Advent Convertible and Income Fund in the third quarter valued at about $60,000. Finally, Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Advent Convertible and Income Fund in the first quarter valued at about $114,000.
Advent Convertible and Income Fund Stock Performance
NYSE:AVK traded down $0.40 during mid-day trading on Friday, hitting $12.50. 76,596 shares of the company traded hands, compared to its average volume of 167,153. The stock’s fifty day moving average price is $12.12 and its 200-day moving average price is $12.45. Advent Convertible and Income Fund has a one year low of $10.77 and a one year high of $13.10.
Advent Convertible and Income Fund Dividend Announcement
The firm also recently disclosed a monthly dividend, which will be paid on Friday, May 29th. Stockholders of record on Friday, May 15th will be given a $0.1172 dividend. This represents a c) annualized dividend and a dividend yield of 11.3%. The ex-dividend date is Friday, May 15th.
About Advent Convertible and Income Fund
Advent Convertible and Income Fund (NYSE: AVK) is a diversified, closed-end management investment company that seeks to provide total return through current income and capital appreciation. The Fund is managed by Advent Capital Management, LLC, an SEC-registered investment adviser, and trades on the New York Stock Exchange under the ticker AVK. It offers investors a blend of equity and fixed-income exposures through a single vehicle designed to deliver regular distributions.
The Fund’s core strategy centers on convertible securities—such as convertible bonds and preferred stocks—issued by U.S.