Advent Convertible and Income Fund (NYSE:AVK) Stock Crosses Below Two Hundred Day Moving Average – Should You Sell?

Shares of Advent Convertible and Income Fund (NYSE:AVK) crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $12.43 and traded as low as $11.28. Advent Convertible and Income Fund shares last traded at $11.3360, with a volume of 118,020 shares changing hands.

Advent Convertible and Income Fund Trading Up 2.0%

The business’s 50-day moving average is $12.32 and its two-hundred day moving average is $12.43.

Advent Convertible and Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Shareholders of record on Thursday, October 15th will be paid a $0.1172 dividend. The ex-dividend date is Thursday, October 15th. This represents a $1.41 annualized dividend and a yield of 12.2%.

Hedge Funds Weigh In On Advent Convertible and Income Fund

A number of hedge funds and other institutional investors have recently modified their holdings of AVK. Koshinski Asset Management Inc. increased its position in shares of Advent Convertible and Income Fund by 1.6% during the first quarter. Koshinski Asset Management Inc. now owns 472,817 shares of the investment management company’s stock valued at $5,277,000 after acquiring an additional 7,659 shares during the last quarter. Arete Wealth Advisors LLC boosted its position in Advent Convertible and Income Fund by 3.1% in the first quarter. Arete Wealth Advisors LLC now owns 317,688 shares of the investment management company’s stock worth $3,552,000 after purchasing an additional 9,640 shares during the last quarter. FCA Corp TX grew its stake in Advent Convertible and Income Fund by 6.0% in the 4th quarter. FCA Corp TX now owns 231,225 shares of the investment management company’s stock valued at $2,900,000 after purchasing an additional 13,039 shares during the period. NewEdge Advisors LLC grew its stake in Advent Convertible and Income Fund by 44.6% in the 2nd quarter. NewEdge Advisors LLC now owns 96,524 shares of the investment management company’s stock valued at $1,264,000 after purchasing an additional 29,770 shares during the period. Finally, Readystate Asset Management LP bought a new position in Advent Convertible and Income Fund during the first quarter valued at about $1,187,000.

Advent Convertible and Income Fund Company Profile

Advent Convertible and Income Fund is a closed-end investment company listed on the New York Stock Exchange under the symbol AVK. The fund seeks to provide current income and capital appreciation by investing primarily in a diversified portfolio of convertible securities and income-producing fixed-income investments.

The fund is managed by Advent Capital Management, LLC, an investment adviser specializing in convertible securities and related credit markets. Its portfolio may include convertible bonds, preferred securities and other corporate debt instruments, with investments selected based on factors such as income potential, credit quality and the opportunity for equity participation through conversion features.

Advent Convertible and Income Fund invests across corporate issuers and industries, with its geographic exposure determined by the securities held in the portfolio.