Advent Convertible and Income Fund (NYSE:AVK) Short Interest Up 263.1% in May

Advent Convertible and Income Fund (NYSE:AVK) was the target of a significant increase in short interest in the month of May. As of May 29th, there was short interest totaling 35,808 shares, an increase of 263.1% from the May 14th total of 9,862 shares. Based on an average trading volume of 183,550 shares, the days-to-cover ratio is currently 0.2 days.

Advent Convertible and Income Fund Price Performance

NYSE:AVK traded up $0.11 on Friday, reaching $12.83. 124,966 shares of the company’s stock traded hands, compared to its average volume of 166,523. The stock has a 50-day simple moving average of $12.54 and a 200-day simple moving average of $12.47. Advent Convertible and Income Fund has a 12 month low of $10.77 and a 12 month high of $13.28.

Advent Convertible and Income Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.1172 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a c) dividend on an annualized basis and a yield of 11.0%.

Institutional Investors Weigh In On Advent Convertible and Income Fund

A number of institutional investors and hedge funds have recently bought and sold shares of AVK. Integrated Wealth Concepts LLC bought a new stake in Advent Convertible and Income Fund during the first quarter valued at about $231,000. Geneos Wealth Management Inc. increased its holdings in shares of Advent Convertible and Income Fund by 301.1% in the first quarter. Geneos Wealth Management Inc. now owns 3,975 shares of the investment management company’s stock worth $46,000 after purchasing an additional 2,984 shares during the last quarter. Raymond James Financial Inc. increased its holdings in shares of Advent Convertible and Income Fund by 7.7% in the second quarter. Raymond James Financial Inc. now owns 1,342,294 shares of the investment management company’s stock worth $16,255,000 after purchasing an additional 95,512 shares during the last quarter. Koshinski Asset Management Inc. increased its holdings in shares of Advent Convertible and Income Fund by 3.0% in the third quarter. Koshinski Asset Management Inc. now owns 445,813 shares of the investment management company’s stock worth $5,702,000 after purchasing an additional 12,915 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in shares of Advent Convertible and Income Fund by 4.7% in the third quarter. Bank of America Corp DE now owns 69,815 shares of the investment management company’s stock worth $893,000 after purchasing an additional 3,111 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.