Advent Convertible and Income Fund (NYSE:AVK) Stock Short Interest Rises 153.6%

Advent Convertible and Income Fund (NYSE:AVK) was the target of a significant growth in short interest in the month of October. As of October 15th, there was short interest totaling 84,601 shares, a growth of 153.6% from the September 30th total of 33,358 shares. Based on an average trading volume of 209,170 shares, the days-to-cover ratio is presently 0.4 days.

Advent Convertible and Income Fund Price Performance

Shares of NYSE:AVK traded down $0.26 on Friday, reaching $10.94. The company had a trading volume of 185,649 shares, compared to its average volume of 160,355. Advent Convertible and Income Fund has a twelve month low of $10.73 and a twelve month high of $13.28. The stock has a 50-day moving average price of $11.75 and a 200 day moving average price of $12.33.

Advent Convertible and Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Friday, October 30th. Stockholders of record on Thursday, October 15th were issued a dividend of $0.1172 per share. This represents a $1.41 annualized dividend and a dividend yield of 12.9%. The ex-dividend date was Thursday, October 15th.

Hedge Funds Weigh In On Advent Convertible and Income Fund

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Benjamin Edwards Inc. raised its holdings in shares of Advent Convertible and Income Fund by 7.3% in the 2nd quarter. Benjamin Edwards Inc. now owns 20,255 shares of the investment management company’s stock worth $265,000 after acquiring an additional 1,385 shares during the last quarter. Tactive Advisors LLC grew its stake in shares of Advent Convertible and Income Fund by 13.9% in the 3rd quarter. Tactive Advisors LLC now owns 16,135 shares of the investment management company’s stock worth $185,000 after acquiring an additional 1,963 shares in the last quarter. Blue Bell Private Wealth Management LLC boosted its stake in shares of Advent Convertible and Income Fund by 112.3% in the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 5,197 shares of the investment management company’s stock worth $60,000 after buying an additional 2,749 shares during the last quarter. Ameritas Advisory Services LLC grew its holdings in shares of Advent Convertible and Income Fund by 18.2% in the second quarter. Ameritas Advisory Services LLC now owns 39,309 shares of the investment management company’s stock valued at $515,000 after acquiring an additional 6,063 shares in the last quarter. Finally, Koshinski Asset Management Inc. grew its holdings in shares of Advent Convertible and Income Fund by 1.6% in the first quarter. Koshinski Asset Management Inc. now owns 472,817 shares of the investment management company’s stock valued at $5,277,000 after acquiring an additional 7,659 shares in the last quarter.

About Advent Convertible and Income Fund

Advent Convertible and Income Fund (NYSE: AVK) is a publicly traded closed-end investment company. The fund seeks to provide current income and, as a secondary objective, capital appreciation by investing primarily in a diversified portfolio of convertible securities and other income-producing investments.

Its portfolio may include convertible bonds, convertible preferred securities and non-convertible corporate debt. Convertible securities can provide income while offering the potential to participate in the appreciation of the underlying equity securities.