Short Interest in Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) Drops By 56.6%

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) was the target of a large decline in short interest during the month of August. As of August 14th, there was short interest totaling 18,465 shares, a decline of 56.6% from the July 30th total of 42,573 shares. Approximately 0.1% of the shares of the company are short sold. Based on an average trading volume of 49,755 shares, the days-to-cover ratio is presently 0.4 days.

Institutional Investors Weigh In On Gabelli Convertible & Income Securities Fund

A number of institutional investors and hedge funds have recently bought and sold shares of GCV. Integrity Advisory Solutions LLC purchased a new position in Gabelli Convertible & Income Securities Fund in the 4th quarter valued at approximately $48,000. Bank of America Corp DE purchased a new position in shares of Gabelli Convertible & Income Securities Fund in the second quarter worth $131,000. Citadel Advisors LLC raised its stake in shares of Gabelli Convertible & Income Securities Fund by 44.6% during the third quarter. Citadel Advisors LLC now owns 30,828 shares of the investment management company’s stock valued at $127,000 after acquiring an additional 9,506 shares during the last quarter. Benjamin Edwards Inc. grew its position in shares of Gabelli Convertible & Income Securities Fund by 8.5% in the 2nd quarter. Benjamin Edwards Inc. now owns 37,039 shares of the investment management company’s stock worth $173,000 after buying an additional 2,907 shares during the last quarter. Finally, Susquehanna International Group LLP purchased a new position in Gabelli Convertible & Income Securities Fund during the 3rd quarter valued at $186,000. 23.40% of the stock is owned by hedge funds and other institutional investors.

Gabelli Convertible & Income Securities Fund Price Performance

NYSE GCV remained flat at $4.59 during midday trading on Friday. The company’s stock had a trading volume of 21,988 shares, compared to its average volume of 41,596. Gabelli Convertible & Income Securities Fund has a 52-week low of $3.98 and a 52-week high of $4.80. The business has a fifty day moving average of $4.63 and a 200-day moving average of $4.54.

Gabelli Convertible & Income Securities Fund Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.48 annualized dividend and a yield of 10.5%.

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.