Advent Convertible and Income Fund (NYSE:AVK) Share Price Passes Below 50-Day Moving Average – Here’s Why

Advent Convertible and Income Fund (NYSE:AVK)’s share price passed below its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $12.59 and traded as low as $12.58. Advent Convertible and Income Fund shares last traded at $12.64, with a volume of 165,008 shares trading hands.

Advent Convertible and Income Fund Price Performance

The company has a 50-day simple moving average of $12.59 and a 200-day simple moving average of $12.49.

Advent Convertible and Income Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, January 30th. Stockholders of record on Thursday, January 15th will be issued a $0.1172 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 11.1%. The ex-dividend date is Thursday, January 15th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. grew its holdings in shares of Advent Convertible and Income Fund by 301.1% in the 1st quarter. Geneos Wealth Management Inc. now owns 3,975 shares of the investment management company’s stock worth $46,000 after acquiring an additional 2,984 shares during the period. Atlantic Union Bankshares Corp purchased a new stake in Advent Convertible and Income Fund during the third quarter worth $60,000. Elevation Point Wealth Partners LLC acquired a new stake in Advent Convertible and Income Fund in the third quarter valued at $156,000. L.M. Kohn & Company acquired a new position in shares of Advent Convertible and Income Fund during the 2nd quarter worth $159,000. Finally, Level Four Advisory Services LLC acquired a new position in shares of Advent Convertible and Income Fund during the 2nd quarter worth $163,000.

Advent Convertible and Income Fund Company Profile

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.