Advent Convertible and Income Fund (NYSE:AVK) Stock Price Passes Below Two Hundred Day Moving Average – Here’s Why

Advent Convertible and Income Fund (NYSE:AVK)’s stock price crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $12.02 and traded as low as $11.72. Advent Convertible and Income Fund shares last traded at $11.77, with a volume of 149,495 shares traded.

Advent Convertible and Income Fund Trading Up 1.9 %

The company’s 50-day simple moving average is $11.85 and its 200-day simple moving average is $12.02.

Advent Convertible and Income Fund Increases Dividend

The business also recently declared a dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were given a dividend of $0.1172 per share. The ex-dividend date was Friday, December 13th. This is an increase from Advent Convertible and Income Fund’s previous dividend of $0.09.

Insiders Place Their Bets

In related news, insider Randall C. Barnes acquired 3,785 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The shares were bought at an average cost of $11.28 per share, for a total transaction of $42,694.80. Following the completion of the transaction, the insider now owns 15,140 shares in the company, valued at approximately $170,779.20. This trade represents a 33.33 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Tracy V. Maitland acquired 13,179 shares of the company’s stock in a transaction dated Thursday, October 17th. The shares were bought at an average cost of $11.28 per share, with a total value of $148,659.12. Following the purchase, the chief executive officer now owns 45,449 shares of the company’s stock, valued at approximately $512,664.72. This trade represents a 40.84 % increase in their position. The disclosure for this purchase can be found here. Insiders acquired 19,264 shares of company stock worth $217,298 over the last three months.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Capital Investment Advisors LLC purchased a new position in Advent Convertible and Income Fund in the 3rd quarter worth $119,000. Trust Investment Advisors acquired a new position in Advent Convertible and Income Fund in the 2nd quarter valued at about $133,000. Encompass More Asset Management acquired a new position in shares of Advent Convertible and Income Fund during the third quarter worth about $140,000. Calton & Associates Inc. acquired a new position in Advent Convertible and Income Fund in the third quarter valued at approximately $152,000. Finally, Choreo LLC purchased a new stake in shares of Advent Convertible and Income Fund in the second quarter valued at about $206,000.

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.