Advent Convertible and Income Fund (NYSE:AVK) Sees Large Increase in Short Interest

Advent Convertible and Income Fund (NYSE:AVK) saw a significant growth in short interest in the month of July. As of July 15th, there was short interest totaling 75,305 shares, a growth of 88.6% from the June 30th total of 39,927 shares. Based on an average daily trading volume, of 123,098 shares, the days-to-cover ratio is presently 0.6 days.

Advent Convertible and Income Fund Trading Up 0.6%

Advent Convertible and Income Fund stock traded up $0.08 during mid-day trading on Friday, reaching $12.39. The company had a trading volume of 137,668 shares, compared to its average volume of 159,591. The stock’s 50-day simple moving average is $12.80 and its 200-day simple moving average is $12.51. Advent Convertible and Income Fund has a 1 year low of $10.77 and a 1 year high of $13.28.

Advent Convertible and Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Investors of record on Wednesday, July 15th will be paid a $0.1172 dividend. This represents a c) annualized dividend and a yield of 11.4%. The ex-dividend date of this dividend is Wednesday, July 15th.

Hedge Funds Weigh In On Advent Convertible and Income Fund

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Raymond James Financial Inc. grew its stake in Advent Convertible and Income Fund by 8.5% in the 3rd quarter. Raymond James Financial Inc. now owns 1,456,665 shares of the investment management company’s stock valued at $18,631,000 after acquiring an additional 114,371 shares during the last quarter. Advisors Asset Management Inc. raised its position in Advent Convertible and Income Fund by 6.7% during the fourth quarter. Advisors Asset Management Inc. now owns 788,747 shares of the investment management company’s stock worth $9,891,000 after acquiring an additional 49,595 shares during the last quarter. Guggenheim Capital LLC grew its position in shares of Advent Convertible and Income Fund by 15.2% in the fourth quarter. Guggenheim Capital LLC now owns 785,038 shares of the investment management company’s stock valued at $9,844,000 after purchasing an additional 103,476 shares during the last quarter. LPL Financial LLC increased its stake in shares of Advent Convertible and Income Fund by 1.6% during the 4th quarter. LPL Financial LLC now owns 567,005 shares of the investment management company’s stock worth $7,110,000 after purchasing an additional 9,175 shares in the last quarter. Finally, Koshinski Asset Management Inc. increased its stake in shares of Advent Convertible and Income Fund by 1.6% during the 1st quarter. Koshinski Asset Management Inc. now owns 472,817 shares of the investment management company’s stock worth $5,277,000 after purchasing an additional 7,659 shares in the last quarter.

About Advent Convertible and Income Fund

Advent Convertible and Income Fund (NYSE: AVK) is a diversified, closed-end management investment company that seeks to provide total return through current income and capital appreciation. The Fund is managed by Advent Capital Management, LLC, an SEC-registered investment adviser, and trades on the New York Stock Exchange under the ticker AVK. It offers investors a blend of equity and fixed-income exposures through a single vehicle designed to deliver regular distributions.

The Fund’s core strategy centers on convertible securities—such as convertible bonds and preferred stocks—issued by U.S.