Advent Convertible and Income Fund (NYSE:AVK) Short Interest Down 84.2% in December

Advent Convertible and Income Fund (NYSE:AVK) saw a large decline in short interest in the month of December. As of December 31st, there was short interest totalling 21,000 shares, a decline of 84.2% from the December 15th total of 132,900 shares. Based on an average daily volume of 213,400 shares, the short-interest ratio is presently 0.1 days.

Advent Convertible and Income Fund Price Performance

AVK stock traded up $0.08 during midday trading on Monday, reaching $11.85. The company had a trading volume of 172,613 shares, compared to its average volume of 177,330. The firm has a 50-day moving average price of $11.94 and a 200-day moving average price of $12.03. Advent Convertible and Income Fund has a 1 year low of $11.03 and a 1 year high of $12.97.

Advent Convertible and Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 15th will be paid a $0.1172 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $1.41 dividend on an annualized basis and a dividend yield of 11.87%.

Insider Transactions at Advent Convertible and Income Fund

In related news, CEO Tracy V. Maitland acquired 13,179 shares of the firm’s stock in a transaction that occurred on Thursday, October 17th. The shares were bought at an average cost of $11.28 per share, for a total transaction of $148,659.12. Following the purchase, the chief executive officer now owns 45,449 shares in the company, valued at $512,664.72. This trade represents a 40.84 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Randall C. Barnes bought 3,785 shares of Advent Convertible and Income Fund stock in a transaction on Thursday, October 17th. The shares were bought at an average cost of $11.28 per share, with a total value of $42,694.80. Following the acquisition, the insider now directly owns 15,140 shares in the company, valued at approximately $170,779.20. This represents a 33.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 19,264 shares of company stock worth $217,298 in the last ninety days.

Institutional Trading of Advent Convertible and Income Fund

Several hedge funds have recently added to or reduced their stakes in AVK. Capital Investment Advisors LLC bought a new stake in Advent Convertible and Income Fund in the third quarter valued at approximately $119,000. Trust Investment Advisors purchased a new position in shares of Advent Convertible and Income Fund during the second quarter valued at approximately $133,000. Encompass More Asset Management purchased a new stake in Advent Convertible and Income Fund in the third quarter worth $140,000. Calton & Associates Inc. purchased a new stake in Advent Convertible and Income Fund in the third quarter worth about $152,000. Finally, Choreo LLC bought a new stake in Advent Convertible and Income Fund during the 2nd quarter valued at approximately $206,000.

About Advent Convertible and Income Fund

Advent Claymore Convertible Securities and Income Fund is a closed-ended fixed income mutual fund launched and managed by Advent Capital Management, LLC. The fund primarily invests in the fixed income markets of the United States. It seeks to invest in securities of companies operating across the diversified sectors.