Gabelli Convertible & Income Securities Fund (NYSE:GCV) Share Price Passes Above Fifty Day Moving Average – Here’s Why

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV)’s share price crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $4.24 and traded as high as $4.30. Gabelli Convertible & Income Securities Fund shares last traded at $4.2430, with a volume of 40,140 shares traded.

Gabelli Convertible & Income Securities Fund Trading Up 0.1%

The firm has a fifty day simple moving average of $4.24 and a 200 day simple moving average of $4.03.

Gabelli Convertible & Income Securities Fund Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 12th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, December 12th. This represents a $0.48 dividend on an annualized basis and a yield of 11.3%.

Insider Activity

In other Gabelli Convertible & Income Securities Fund news, insider Mario J. Gabelli acquired 50,000 shares of the company’s stock in a transaction dated Monday, November 10th. The shares were acquired at an average cost of $4.29 per share, for a total transaction of $214,500.00. Following the completion of the purchase, the insider owned 486,501 shares of the company’s stock, valued at approximately $2,087,089.29. This trade represents a 11.45% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.78% of the company’s stock.

Institutional Trading of Gabelli Convertible & Income Securities Fund

Hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. bought a new position in Gabelli Convertible & Income Securities Fund in the 1st quarter worth approximately $38,000. Shaker Financial Services LLC acquired a new stake in shares of Gabelli Convertible & Income Securities Fund in the second quarter worth $40,000. Tactive Advisors LLC bought a new position in Gabelli Convertible & Income Securities Fund during the second quarter worth $52,000. Fisher Asset Management LLC acquired a new position in Gabelli Convertible & Income Securities Fund during the 3rd quarter valued at $59,000. Finally, Cornerstone Advisors LLC boosted its holdings in Gabelli Convertible & Income Securities Fund by 92.2% in the 2nd quarter. Cornerstone Advisors LLC now owns 17,946 shares of the investment management company’s stock valued at $69,000 after purchasing an additional 8,609 shares during the period. Institutional investors own 23.40% of the company’s stock.

Gabelli Convertible & Income Securities Fund 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.