Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) Sees Significant Decline in Short Interest

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) was the target of a large decline in short interest in the month of April. As of April 30th, there was short interest totaling 27,412 shares, a decline of 35.2% from the April 15th total of 42,312 shares. Approximately 0.1% of the shares of the company are sold short. Based on an average daily volume of 38,304 shares, the days-to-cover ratio is currently 0.7 days.

Hedge Funds Weigh In On Gabelli Convertible & Income Securities Fund

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. PFG Advisors raised its holdings in Gabelli Convertible & Income Securities Fund by 2.9% in the 4th quarter. PFG Advisors now owns 142,900 shares of the investment management company’s stock valued at $593,000 after acquiring an additional 4,059 shares in the last quarter. Wolverine Asset Management LLC raised its holdings in Gabelli Convertible & Income Securities Fund by 80.3% in the 3rd quarter. Wolverine Asset Management LLC now owns 69,549 shares of the investment management company’s stock valued at $287,000 after acquiring an additional 30,970 shares in the last quarter. Kestra Advisory Services LLC raised its holdings in Gabelli Convertible & Income Securities Fund by 59.2% in the 4th quarter. Kestra Advisory Services LLC now owns 57,251 shares of the investment management company’s stock valued at $238,000 after acquiring an additional 21,290 shares in the last quarter. Cetera Investment Advisers raised its holdings in Gabelli Convertible & Income Securities Fund by 4.1% in the 4th quarter. Cetera Investment Advisers now owns 56,831 shares of the investment management company’s stock valued at $236,000 after acquiring an additional 2,252 shares in the last quarter. Finally, Susquehanna International Group LLP acquired a new position in Gabelli Convertible & Income Securities Fund in the 3rd quarter valued at $186,000. 23.40% of the stock is owned by institutional investors and hedge funds.

Gabelli Convertible & Income Securities Fund Stock Performance

GCV opened at $4.40 on Wednesday. The business has a fifty day simple moving average of $4.42 and a 200 day simple moving average of $4.35. Gabelli Convertible & Income Securities Fund has a 1 year low of $3.58 and a 1 year high of $4.62.

Gabelli Convertible & Income Securities Fund Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Monday, June 15th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.48 annualized dividend and a yield of 10.9%.

Gabelli Convertible & Income Securities Fund Company Profile

Gabelli Convertible & Income Securities Fund (NYSE: GCV) is a closed-end management investment company that seeks to provide current income and capital appreciation by investing primarily in convertible securities and other fixed-income instruments. The fund’s portfolio typically includes convertible corporate bonds, preferred stocks, and equities of companies that offer the potential for both income generation and price appreciation through embedded option features.

The fund pursues a strategy that combines credit analysis with equity valuation to identify convertible securities that offer attractive yields relative to their risk profiles.