The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) Sees Significant Decline in Short Interest

The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV – Get Rating) was the target of a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 52,000 shares, a decrease of 40.3% from the March 15th total of 87,100 shares. Based on an average daily trading volume, of 32,700 shares, the days-to-cover ratio is currently 1.6 days.

NYSE GCV opened at $6.34 on Friday. The company has a 50 day moving average price of $6.14 and a 200 day moving average price of $6.35. The Gabelli Convertible and Income Securities Fund has a 52 week low of $5.62 and a 52 week high of $7.21.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 24th. Investors of record on Thursday, March 17th were paid a dividend of $0.12 per share. The ex-dividend date was Wednesday, March 16th. This represents a $0.48 annualized dividend and a dividend yield of 7.57%.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Private Advisor Group LLC raised its stake in shares of The Gabelli Convertible and Income Securities Fund by 22.8% during the 3rd quarter. Private Advisor Group LLC now owns 24,200 shares of the investment management company’s stock worth $147,000 after acquiring an additional 4,500 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in The Gabelli Convertible and Income Securities Fund by 13.9% during the 3rd quarter. Janney Montgomery Scott LLC now owns 28,047 shares of the investment management company’s stock valued at $171,000 after purchasing an additional 3,432 shares in the last quarter. Morgan Stanley increased its stake in The Gabelli Convertible and Income Securities Fund by 4.9% during the 3rd quarter. Morgan Stanley now owns 824,168 shares of the investment management company’s stock valued at $5,011,000 after purchasing an additional 38,445 shares in the last quarter. Advisors Asset Management Inc. acquired a new position in The Gabelli Convertible and Income Securities Fund during the 4th quarter valued at approximately $1,075,000. Finally, LPL Financial LLC acquired a new position in The Gabelli Convertible and Income Securities Fund during the 4th quarter valued at approximately $156,000. Hedge funds and other institutional investors own 11.24% of the company’s stock.

The Gabelli Convertible and Income Securities Fund Company Profile (Get Rating)

The Gabelli Convertible and Income Securities Fund Inc is a closed-ended balanced mutual fund launched by GAMCO Investors, Inc The fund is managed by Gabelli Funds, LLC. It invests in public equity and fixed income markets. The fund seeks to invest in stocks of companies operating across diversified sectors.

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