Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) Shares Shorted: Short Interest Up 95.9% in October

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) was the target of a large growth in short interest in October. As of October 15th, there was short interest totaling 42,773 shares, a growth of 95.9% from the September 30th total of 21,836 shares. Based on an average daily trading volume, of 68,389 shares, the short-interest ratio is currently 0.6 days. Currently, 0.2% of the shares of the stock are short sold.

Gabelli Convertible & Income Securities Fund Price Performance

Gabelli Convertible & Income Securities Fund stock traded down $0.02 during trading hours on Monday, hitting $3.90. The company had a trading volume of 15,738 shares, compared to its average volume of 56,402. Gabelli Convertible & Income Securities Fund has a 1 year low of $3.82 and a 1 year high of $4.80. The company has a 50-day moving average price of $4.26 and a two-hundred day moving average price of $4.45.

Gabelli Convertible & Income Securities Fund Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 12.3%. The ex-dividend date of this dividend was Wednesday, September 16th.

Institutional Trading of Gabelli Convertible & Income Securities Fund

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Equitable Holdings Inc. purchased a new position in shares of Gabelli Convertible & Income Securities Fund during the second quarter worth $393,000. Mallini Complete Financial Planning LLC grew its holdings in Gabelli Convertible & Income Securities Fund by 7.2% in the second quarter. Mallini Complete Financial Planning LLC now owns 59,679 shares of the investment management company’s stock valued at $279,000 after purchasing an additional 3,996 shares during the period. Benjamin Edwards Inc. increased its holdings in Gabelli Convertible & Income Securities Fund by 8.5% in the 2nd quarter. Benjamin Edwards Inc. now owns 37,039 shares of the investment management company’s stock worth $173,000 after acquiring an additional 2,907 shares in the last quarter. Finally, Bank of America Corp DE purchased a new position in Gabelli Convertible & Income Securities Fund in the 2nd quarter valued at about $131,000. Institutional investors and hedge funds own 23.40% of the company’s stock.

About Gabelli Convertible & Income Securities Fund

Gabelli Convertible & Income Securities Fund (NYSE: GCV) is a closed-end investment company managed by Gabelli Funds, LLC. The fund seeks to provide a high level of current income while also pursuing capital appreciation by investing primarily in convertible securities and other income-producing investments.

The fund’s portfolio may include convertible bonds, convertible preferred stocks, corporate debt securities, preferred securities and other fixed-income investments. Convertible securities generally provide regular income while offering the potential to participate in the equity performance of the issuing company.