Virtus Equity & Convertible Income Fund (NYSE:NIE) Short Interest Down 55.7% in May

Virtus Equity & Convertible Income Fund (NYSE:NIE) saw a large decrease in short interest during the month of May. As of May 29th, there was short interest totaling 6,669 shares, a decrease of 55.7% from the May 14th total of 15,062 shares. Based on an average trading volume of 91,377 shares, the short-interest ratio is presently 0.1 days.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Advisors Asset Management Inc. lifted its stake in shares of Virtus Equity & Convertible Income Fund by 0.3% in the 4th quarter. Advisors Asset Management Inc. now owns 863,318 shares of the company’s stock valued at $21,514,000 after acquiring an additional 2,998 shares during the last quarter. Royal Bank of Canada lifted its stake in shares of Virtus Equity & Convertible Income Fund by 0.7% in the 1st quarter. Royal Bank of Canada now owns 575,167 shares of the company’s stock valued at $13,435,000 after acquiring an additional 4,007 shares during the last quarter. Guggenheim Capital LLC lifted its stake in shares of Virtus Equity & Convertible Income Fund by 14.0% in the 4th quarter. Guggenheim Capital LLC now owns 479,040 shares of the company’s stock valued at $11,938,000 after acquiring an additional 58,661 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Virtus Equity & Convertible Income Fund by 1.5% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 401,952 shares of the company’s stock valued at $10,165,000 after acquiring an additional 5,959 shares during the last quarter. Finally, Saba Capital Management L.P. lifted its stake in shares of Virtus Equity & Convertible Income Fund by 21.2% in the 1st quarter. Saba Capital Management L.P. now owns 361,316 shares of the company’s stock valued at $8,440,000 after acquiring an additional 63,116 shares during the last quarter.

Virtus Equity & Convertible Income Fund Stock Up 0.5%

Shares of NIE traded up $0.14 during trading hours on Friday, reaching $26.58. The stock had a trading volume of 54,430 shares, compared to its average volume of 63,665. Virtus Equity & Convertible Income Fund has a 12 month low of $22.74 and a 12 month high of $27.24. The company’s 50-day moving average is $25.93 and its two-hundred day moving average is $25.36.

Virtus Equity & Convertible Income Fund Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Monday, June 15th will be paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a dividend yield of 8.7%. The ex-dividend date is Monday, June 15th. This is a positive change from Virtus Equity & Convertible Income Fund’s previous quarterly dividend of $0.50.

About Virtus Equity & Convertible Income Fund

Virtus Equity & Convertible Income Fund (NYSE:NIE) is a diversified, closed-end management investment company designed to provide shareholders with a combination of current income and capital appreciation. The fund seeks to achieve its objectives by investing predominantly in convertible securities of U.S. and non-U.S. issuers alongside selected common stocks. Leveraging the hybrid characteristics of convertibles, the fund aims to capture income potential while maintaining exposure to equity market upside.

The fund’s investment strategy centers on a flexible allocation between fixed-income and equity components, with portfolio managers conducting rigorous credit and equity research to identify issuers offering attractive risk-reward profiles.