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

Advent Convertible and Income Fund (NYSE:AVK) saw a significant growth in short interest in March. As of March 31st, there was short interest totalling 54,500 shares, a growth of 125.2% from the March 15th total of 24,200 shares. Based on an average daily volume of 147,800 shares, the short-interest ratio is presently 0.4 days.

Shares of AVK opened at $18.21 on Thursday. Advent Convertible and Income Fund has a 1 year low of $11.13 and a 1 year high of $18.45. The company’s 50-day simple moving average is $17.48 and its 200-day simple moving average is $16.22.

The firm also recently announced a monthly dividend, which will be paid on Friday, April 30th. Investors of record on Thursday, April 15th will be issued a $0.1172 dividend. This represents a $1.41 annualized dividend and a yield of 7.72%. The ex-dividend date of this dividend is Wednesday, April 14th. This is a positive change from Advent Convertible and Income Fund’s previous monthly dividend of $0.12.

Hedge funds have recently added to or reduced their stakes in the business. NEXT Financial Group Inc lifted its position in Advent Convertible and Income Fund by 23.4% during the 4th quarter. NEXT Financial Group Inc now owns 4,566 shares of the investment management company’s stock worth $75,000 after acquiring an additional 866 shares during the period. FNY Investment Advisers LLC grew its holdings in Advent Convertible and Income Fund by 50.7% in the first quarter. FNY Investment Advisers LLC now owns 3,471 shares of the investment management company’s stock valued at $61,000 after purchasing an additional 1,168 shares during the last quarter. Global Retirement Partners LLC increased its holdings in Advent Convertible and Income Fund by 10.4% during the 1st quarter. Global Retirement Partners LLC now owns 18,831 shares of the investment management company’s stock valued at $333,000 after acquiring an additional 1,769 shares in the last quarter. Kestra Advisory Services LLC increased its stake in shares of Advent Convertible and Income Fund by 11.7% during the 4th quarter. Kestra Advisory Services LLC now owns 17,054 shares of the investment management company’s stock worth $282,000 after purchasing an additional 1,788 shares in the last quarter. Finally, Ameritas Investment Company LLC increased its position in Advent Convertible and Income Fund by 13.5% during the fourth quarter. Ameritas Investment Company LLC now owns 22,035 shares of the investment management company’s stock worth $364,000 after buying an additional 2,619 shares in the last quarter.

About Advent Convertible and Income Fund

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.

Further Reading: Holder of Record

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