Advent Convertible and Income Fund (NYSE:AVK) Sees Significant Drop in Short Interest

Advent Convertible and Income Fund (NYSE:AVK) was the target of a significant drop in short interest in March. As of March 31st, there was short interest totaling 40,390 shares, a drop of 24.1% from the March 15th total of 53,184 shares. Based on an average trading volume of 194,899 shares, the days-to-cover ratio is presently 0.2 days.

Advent Convertible and Income Fund Trading Up 1.2%

Shares of AVK opened at $12.44 on Wednesday. The stock has a 50 day moving average price of $12.12 and a 200 day moving average price of $12.48. Advent Convertible and Income Fund has a one year low of $10.56 and a one year high of $13.10.

Advent Convertible and Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Thursday, April 30th. Stockholders of record on Wednesday, April 15th will be given a $0.1172 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 11.3%. The ex-dividend date is Wednesday, April 15th.

Hedge Funds Weigh In On Advent Convertible and Income Fund

A number of institutional investors and hedge funds have recently bought and sold shares of AVK. Raymond James Financial Inc. boosted its holdings in shares of Advent Convertible and Income Fund by 8.5% during the 3rd quarter. Raymond James Financial Inc. now owns 1,456,665 shares of the investment management company’s stock worth $18,631,000 after purchasing an additional 114,371 shares during the last quarter. Penserra Capital Management LLC raised its holdings in shares of Advent Convertible and Income Fund by 0.3% during the 3rd quarter. Penserra Capital Management LLC now owns 1,214,315 shares of the investment management company’s stock worth $15,531,000 after acquiring an additional 3,401 shares during the period. Advisors Asset Management Inc. boosted its position in shares of Advent Convertible and Income Fund by 6.7% during the 4th quarter. Advisors Asset Management Inc. now owns 788,747 shares of the investment management company’s stock valued at $9,891,000 after acquiring an additional 49,595 shares during the last quarter. Guggenheim Capital LLC grew its holdings in shares of Advent Convertible and Income Fund by 15.2% in the fourth quarter. Guggenheim Capital LLC now owns 785,038 shares of the investment management company’s stock valued at $9,844,000 after purchasing an additional 103,476 shares during the period. Finally, LPL Financial LLC increased its position in Advent Convertible and Income Fund by 1.6% during the fourth quarter. LPL Financial LLC now owns 567,005 shares of the investment management company’s stock worth $7,110,000 after purchasing an additional 9,175 shares during the last quarter.

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.