The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) Sees Significant Growth in Short Interest

The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 66,600 shares, an increase of 58.9% from the February 28th total of 41,900 shares. Currently, 0.3% of the shares of the stock are sold short. Based on an average daily volume of 42,300 shares, the short-interest ratio is currently 1.6 days.

The Gabelli Convertible and Income Securities Fund Trading Down 1.6 %

GCV stock traded down $0.06 during trading on Friday, hitting $3.73. The stock had a trading volume of 25,381 shares, compared to its average volume of 47,134. The Gabelli Convertible and Income Securities Fund has a twelve month low of $3.35 and a twelve month high of $4.34. The company’s 50-day moving average price is $3.86 and its two-hundred day moving average price is $3.85.

The Gabelli Convertible and Income Securities Fund Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Monday, March 17th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 12.87%. The ex-dividend date of this dividend was Monday, March 17th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in GCV. World Investment Advisors LLC acquired a new stake in The Gabelli Convertible and Income Securities Fund during the 3rd quarter worth $405,000. Janney Montgomery Scott LLC purchased a new position in shares of The Gabelli Convertible and Income Securities Fund in the fourth quarter worth about $178,000. Raymond James Financial Inc. acquired a new position in The Gabelli Convertible and Income Securities Fund during the fourth quarter worth about $83,000. Cornerstone Advisors LLC grew its stake in The Gabelli Convertible and Income Securities Fund by 769.3% during the 4th quarter. Cornerstone Advisors LLC now owns 19,099 shares of the investment management company’s stock valued at $73,000 after acquiring an additional 16,902 shares in the last quarter. Finally, PFG Advisors raised its holdings in The Gabelli Convertible and Income Securities Fund by 4.7% in the 4th quarter. PFG Advisors now owns 82,789 shares of the investment management company’s stock valued at $315,000 after acquiring an additional 3,739 shares during the last quarter. 23.40% of the stock is owned by institutional investors and hedge funds.

About The Gabelli Convertible and Income Securities Fund

The Gabelli Convertible and Income Securities Fund Inc is a closed-ended balanced mutual fund launched by GAMCO Investors, Inc The fund is managed by Gabelli Funds, LLC. It invests in public equity and fixed income markets. The fund seeks to invest in stocks of companies operating across diversified sectors.