Sit Investment Associates Inc. Decreases Holdings in Gabelli Convertbl and Incm Scrts Fnd Inc (NYSE:GCV)

Sit Investment Associates Inc. trimmed its holdings in shares of Gabelli Convertbl and Incm Scrts Fnd Inc (NYSE:GCV) by 23.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 421,740 shares of the investment management company’s stock after selling 129,526 shares during the period. Sit Investment Associates Inc.’s holdings in Gabelli Convertbl and Incm Scrts Fnd were worth $2,193,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Advisor Group Inc. increased its position in shares of Gabelli Convertbl and Incm Scrts Fnd by 7.8% in the first quarter. Advisor Group Inc. now owns 79,981 shares of the investment management company’s stock valued at $416,000 after acquiring an additional 5,796 shares during the period. PFG Advisors increased its position in shares of Gabelli Convertbl and Incm Scrts Fnd by 17.5% in the first quarter. PFG Advisors now owns 41,391 shares of the investment management company’s stock valued at $216,000 after acquiring an additional 6,153 shares during the period. Mid Atlantic Financial Management Inc. ADV increased its position in shares of Gabelli Convertbl and Incm Scrts Fnd by 20.8% in the first quarter. Mid Atlantic Financial Management Inc. ADV now owns 26,700 shares of the investment management company’s stock valued at $139,000 after acquiring an additional 4,600 shares during the period. RMB Capital Management LLC purchased a new position in shares of Gabelli Convertbl and Incm Scrts Fnd in the fourth quarter valued at about $100,000. Finally, Institute for Wealth Management LLC. purchased a new position in shares of Gabelli Convertbl and Incm Scrts Fnd in the fourth quarter valued at about $327,000. Institutional investors and hedge funds own 14.14% of the company’s stock.

GCV stock opened at $4.99 on Friday. Gabelli Convertbl and Incm Scrts Fnd Inc has a 12-month low of $3.99 and a 12-month high of $6.95.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 21st. Shareholders of record on Friday, June 14th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 9.62%. The ex-dividend date of this dividend is Thursday, June 13th.

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Gabelli Convertbl and Incm Scrts Fnd Company Profile

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.

Further Reading: Asset Allocation Models, Which is Right For You?

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Institutional Ownership by Quarter for Gabelli Convertbl and Incm Scrts Fnd (NYSE:GCV)

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