Short Interest in Advent Convertible and Income Fund (NYSE:AVK) Declines By 37.0%

Advent Convertible and Income Fund (NYSE:AVK) was the target of a large drop in short interest in August. As of August 31st, there was short interest totaling 56,048 shares, a drop of 37.0% from the August 15th total of 88,996 shares. Based on an average daily volume of 140,689 shares, the short-interest ratio is presently 0.4 days.

Institutional Trading of Advent Convertible and Income Fund

A number of institutional investors have recently made changes to their positions in the stock. MeadowBrook Investment Advisors LLC bought a new stake in shares of Advent Convertible and Income Fund in the first quarter worth $53,000. Patriot Financial Group Insurance Agency LLC bought a new position in Advent Convertible and Income Fund in the first quarter valued at about $114,000. Calamos Advisors LLC bought a new position in Advent Convertible and Income Fund in the first quarter valued at about $139,000. IMC Chicago LLC purchased a new position in Advent Convertible and Income Fund in the second quarter worth about $140,000. Finally, High Net Worth Advisory Group LLC purchased a new position in Advent Convertible and Income Fund in the first quarter worth about $154,000.

Advent Convertible and Income Fund Stock Down 0.3%

Shares of AVK stock traded down $0.04 during mid-day trading on Friday, hitting $12.02. The company’s stock had a trading volume of 39,577 shares, compared to its average volume of 155,746. Advent Convertible and Income Fund has a 52-week low of $10.77 and a 52-week high of $13.28. The business has a 50-day moving average price of $12.53 and a 200 day moving average price of $12.47.

Advent Convertible and Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.1172 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a c) dividend on an annualized basis and a yield of 11.7%.

About Advent Convertible and Income Fund

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.