Virtus Equity & Convertible Income Fund (NYSE:NIE) Shares Down 0.9% – What’s Next?

Shares of Virtus Equity & Convertible Income Fund (NYSE:NIE) traded down 0.9% during mid-day trading on Tuesday . The company traded as low as $26.15 and last traded at $26.34. Approximately 63,380 shares were traded during trading, a decline of 2% from the average session volume of 64,550 shares. The stock had previously closed at $26.59.

Virtus Equity & Convertible Income Fund Stock Down 0.9%

The stock has a fifty day moving average price of $26.49 and a 200 day moving average price of $25.50.

Virtus Equity & Convertible Income Fund Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were paid a dividend of $0.58 per share. The ex-dividend date of this dividend was Monday, June 15th. This is a positive change from Virtus Equity & Convertible Income Fund’s previous quarterly dividend of $0.50. This represents a $2.32 annualized dividend and a yield of 8.8%.

Institutional Investors Weigh In On Virtus Equity & Convertible Income Fund

Hedge funds and other institutional investors have recently made changes to their positions in the company. Saba Capital Management L.P. bought a new position in Virtus Equity & Convertible Income Fund during the 4th quarter valued at about $7,431,000. Evolve Private Wealth LLC bought a new stake in Virtus Equity & Convertible Income Fund in the fourth quarter worth about $2,028,000. Guggenheim Capital LLC boosted its position in shares of Virtus Equity & Convertible Income Fund by 14.0% during the fourth quarter. Guggenheim Capital LLC now owns 479,040 shares of the company’s stock valued at $11,938,000 after buying an additional 58,661 shares during the period. LPL Financial LLC grew its stake in shares of Virtus Equity & Convertible Income Fund by 26.7% during the fourth quarter. LPL Financial LLC now owns 269,945 shares of the company’s stock valued at $6,727,000 after buying an additional 56,895 shares during the last quarter. Finally, First Trust Advisors LP bought a new position in shares of Virtus Equity & Convertible Income Fund during the first quarter valued at approximately $789,000.

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.