Virtus Equity & Convertible Income Fund (NYSE:NIE) Sees Significant Increase in Short Interest

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the target of a large increase in short interest during the month of October. As of October 15th, there was short interest totaling 71,053 shares, an increase of 172.9% from the September 30th total of 26,034 shares. Based on an average daily volume of 102,335 shares, the short-interest ratio is presently 0.7 days.

Virtus Equity & Convertible Income Fund Price Performance

Shares of NYSE:NIE traded down $0.27 during midday trading on Thursday, hitting $24.48. The company had a trading volume of 44,487 shares, compared to its average volume of 65,452. Virtus Equity & Convertible Income Fund has a twelve month low of $22.78 and a twelve month high of $27.24. The business’s 50-day simple moving average is $25.41 and its 200-day simple moving average is $25.62.

Virtus Equity & Convertible Income Fund Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Monday, September 14th were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Monday, September 14th. This represents a $2.32 annualized dividend and a dividend yield of 9.5%.

Institutional Investors Weigh In On Virtus Equity & Convertible Income Fund

Hedge funds have recently modified their holdings of the company. Royal Bank of Canada raised its position in shares of Virtus Equity & Convertible Income Fund by 0.7% during the 1st quarter. Royal Bank of Canada now owns 575,167 shares of the company’s stock valued at $13,435,000 after buying an additional 4,007 shares during the period. Saba Capital Management L.P. grew its position in Virtus Equity & Convertible Income Fund by 21.2% in the first quarter. Saba Capital Management L.P. now owns 361,316 shares of the company’s stock worth $8,440,000 after acquiring an additional 63,116 shares during the period. Bank of America Corp DE acquired a new stake in Virtus Equity & Convertible Income Fund during the second quarter worth $3,272,000. World Investment Advisors increased its stake in Virtus Equity & Convertible Income Fund by 11.6% during the first quarter. World Investment Advisors now owns 117,859 shares of the company’s stock worth $2,753,000 after acquiring an additional 12,273 shares during the last quarter. Finally, D.A. Davidson & CO. raised its position in Virtus Equity & Convertible Income Fund by 3.3% in the third quarter. D.A. Davidson & CO. now owns 107,242 shares of the company’s stock valued at $2,681,000 after purchasing an additional 3,469 shares during the period.

About Virtus Equity & Convertible Income Fund

Virtus Equity & Convertible Income Fund is a closed-end investment fund listed on the New York Stock Exchange under the ticker symbol NIE. The fund seeks to provide investors with current income and long-term capital appreciation through a managed portfolio of equity securities and convertible securities.

The fund invests in common stocks and other equity-related securities, as well as convertible bonds and preferred securities. Convertible investments may provide income while also offering the potential to participate in the appreciation of the underlying company’s common stock.