Virtus Equity & Convertible Income Fund (NYSE:NIE) Stock Short Interest Falls 47.7%

Virtus Equity & Convertible Income Fund (NYSE:NIE) saw a large drop in short interest in the month of September. As of September 30th, there was short interest totaling 26,034 shares, a drop of 47.7% from the September 15th total of 49,768 shares. Based on an average trading volume of 80,954 shares, the days-to-cover ratio is currently 0.3 days.

Hedge Funds Weigh In On Virtus Equity & Convertible Income Fund

A number of hedge funds and other institutional investors have recently made changes to their positions in NIE. Graves Light Lenhart Wealth Inc. bought a new position in Virtus Equity & Convertible Income Fund during the second quarter worth about $211,000. Fifth Third Bancorp acquired a new stake in Virtus Equity & Convertible Income Fund during the first quarter valued at approximately $189,000. Silverlake Wealth Management LLC acquired a new stake in Virtus Equity & Convertible Income Fund during the second quarter valued at approximately $219,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors grew its stake in shares of Virtus Equity & Convertible Income Fund by 9.3% in the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 9,362 shares of the company’s stock valued at $251,000 after purchasing an additional 794 shares during the period. Finally, Sanctuary Advisors LLC bought a new stake in shares of Virtus Equity & Convertible Income Fund in the 2nd quarter valued at approximately $318,000.

Virtus Equity & Convertible Income Fund Stock Down 0.4%

NIE traded down $0.09 during trading on Thursday, reaching $25.29. 50,644 shares of the company’s stock were exchanged, compared to its average volume of 65,547. Virtus Equity & Convertible Income Fund has a fifty-two week low of $22.78 and a fifty-two week high of $27.24. The business has a 50 day moving average price of $25.76 and a 200 day moving average price of $25.90.

Virtus Equity & Convertible Income Fund Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Monday, September 14th were paid a $0.58 dividend. The ex-dividend date was Monday, September 14th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 9.2%.

Virtus Equity & Convertible Income Fund Company Profile

Virtus Equity & Convertible Income Fund is a closed-end investment fund listed on the New York Stock Exchange under the ticker symbol NIE. The fund seeks to provide investors with current income and long-term capital appreciation through a managed portfolio of equity securities and convertible securities.

The fund invests in common stocks and other equity-related securities, as well as convertible bonds and preferred securities. Convertible investments may provide income while also offering the potential to participate in the appreciation of the underlying company’s common stock.