Advent Convertible and Income Fund (NYSE:AVK) Short Interest Up 71.5% in September

Advent Convertible and Income Fund (NYSE:AVK) saw a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 498,500 shares, an increase of 71.5% from the August 31st total of 290,700 shares. Based on an average daily volume of 162,400 shares, the short-interest ratio is currently 3.1 days.

Advent Convertible and Income Fund Stock Performance

Shares of NYSE AVK remained flat at $11.44 on Friday. 197,668 shares of the company’s stock were exchanged, compared to its average volume of 127,763. The company has a 50 day moving average of $12.39 and a 200 day moving average of $12.07. Advent Convertible and Income Fund has a fifty-two week low of $9.24 and a fifty-two week high of $12.97.

Advent Convertible and Income Fund Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, October 31st. Investors of record on Wednesday, October 2nd will be issued a $0.1172 dividend. The ex-dividend date of this dividend is Wednesday, October 2nd. This represents a $1.41 annualized dividend and a dividend yield of 12.29%. This is a positive change from Advent Convertible and Income Fund’s previous monthly dividend of $0.09.

Institutional Investors Weigh In On Advent Convertible and Income Fund

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Wells Fargo & Company MN grew its holdings in Advent Convertible and Income Fund by 4.9% during the 4th quarter. Wells Fargo & Company MN now owns 738,762 shares of the investment management company’s stock valued at $8,407,000 after buying an additional 34,251 shares in the last quarter. Flow State Investments L.P. raised its holdings in shares of Advent Convertible and Income Fund by 375.6% in the fourth quarter. Flow State Investments L.P. now owns 67,380 shares of the investment management company’s stock worth $767,000 after buying an additional 53,214 shares during the last quarter. Stolper Co lifted its holdings in shares of Advent Convertible and Income Fund by 2.3% during the first quarter. Stolper Co now owns 56,658 shares of the investment management company’s stock worth $676,000 after purchasing an additional 1,286 shares during the period. Park Avenue Securities LLC raised its stake in shares of Advent Convertible and Income Fund by 11.5% during the 1st quarter. Park Avenue Securities LLC now owns 13,064 shares of the investment management company’s stock valued at $156,000 after buying an additional 1,348 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Advent Convertible and Income Fund by 0.9% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 129,619 shares of the investment management company’s stock valued at $1,548,000 after purchasing an additional 1,218 shares during the period.

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.