Advent Convertible and Income Fund (NYSE:AVK) Shares Pass Above Fifty Day Moving Average – What’s Next?

Advent Convertible and Income Fund (NYSE:AVK)’s stock price crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $11.25 and traded as high as $11.38. Advent Convertible and Income Fund shares last traded at $11.29, with a volume of 127,458 shares.

Advent Convertible and Income Fund Stock Up 0.4 %

The stock’s fifty day simple moving average is $11.23 and its two-hundred day simple moving average is $11.69.

Advent Convertible and Income Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, May 30th. Investors of record on Thursday, May 15th will be given a dividend of $0.1172 per share. This represents a $1.41 dividend on an annualized basis and a yield of 12.46%. The ex-dividend date is Thursday, May 15th.

Institutional Investors Weigh In On Advent Convertible and Income Fund

Hedge funds have recently added to or reduced their stakes in the stock. Sit Investment Associates Inc. raised its position in shares of Advent Convertible and Income Fund by 3,605.3% in the 4th quarter. Sit Investment Associates Inc. now owns 4,355,074 shares of the investment management company’s stock worth $51,259,000 after purchasing an additional 4,237,538 shares during the last quarter. Penserra Capital Management LLC raised its holdings in Advent Convertible and Income Fund by 10.0% in the first quarter. Penserra Capital Management LLC now owns 1,175,128 shares of the investment management company’s stock worth $13,549,000 after buying an additional 106,926 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of Advent Convertible and Income Fund in the fourth quarter worth approximately $13,713,000. Absolute Investment Advisers LLC purchased a new stake in shares of Advent Convertible and Income Fund during the fourth quarter valued at approximately $9,384,000. Finally, Guggenheim Capital LLC grew its holdings in shares of Advent Convertible and Income Fund by 1.7% during the fourth quarter. Guggenheim Capital LLC now owns 682,010 shares of the investment management company’s stock valued at $8,027,000 after buying an additional 11,579 shares during the last quarter.

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.