Virtus Equity & Convertible Income Fund (NYSE:NIE) Shares Shorted: Short Interest Down 74.6% in October

Virtus Equity & Convertible Income Fund (NYSE:NIE) saw a large decrease in short interest during the month of October. As of October 30th, there was short interest totaling 18,029 shares, a decrease of 74.6% from the October 15th total of 71,053 shares. Based on an average daily volume of 62,185 shares, the days-to-cover ratio is currently 0.3 days.

Institutional Investors Weigh In On Virtus Equity & Convertible Income Fund

Institutional investors have recently made changes to their positions in the company. Advisors Asset Management Inc. purchased a new position in Virtus Equity & Convertible Income Fund in the 3rd quarter worth approximately $21,429,000. Bank of America Corp DE purchased a new stake in Virtus Equity & Convertible Income Fund during the 2nd quarter valued at $3,272,000. Evolve Private Wealth LLC purchased a new stake in Virtus Equity & Convertible Income Fund during the 2nd quarter valued at $2,011,000. International Assets Investment Management LLC boosted its stake in Virtus Equity & Convertible Income Fund by 589.1% during the 3rd quarter. International Assets Investment Management LLC now owns 80,000 shares of the company’s stock valued at $2,000,000 after purchasing an additional 68,390 shares during the last quarter. Finally, Saba Capital Management L.P. boosted its stake in Virtus Equity & Convertible Income Fund by 21.2% during the 1st quarter. Saba Capital Management L.P. now owns 361,316 shares of the company’s stock valued at $8,440,000 after purchasing an additional 63,116 shares during the last quarter.

Virtus Equity & Convertible Income Fund Stock Performance

NYSE:NIE opened at $23.80 on Thursday. Virtus Equity & Convertible Income Fund has a fifty-two week low of $22.78 and a fifty-two week high of $27.24. The firm has a 50-day simple moving average of $24.98 and a two-hundred day simple moving average of $25.54.

Virtus Equity & Convertible Income Fund Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Monday, September 14th were issued a dividend of $0.58 per share. The ex-dividend date was Monday, September 14th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 9.7%.

About Virtus Equity & Convertible Income Fund

Virtus Equity & Convertible Income Fund is a publicly traded closed-end investment fund listed on the New York Stock Exchange under the symbol NIE. Rather than operating as a traditional company, the fund invests in a portfolio of securities with the objective of seeking total return through a combination of current income and capital appreciation. The fund primarily invests in equity securities and convertible securities. Its portfolio may include common stocks and convertible bonds or preferred securities, giving investors exposure to companies while also providing the potential for income from dividends and interest.