Advent Convertible and Income Fund (NYSE:AVK) Sees Significant Increase in Short Interest

Advent Convertible and Income Fund (NYSE:AVK) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 103,100 shares, an increase of 35.3% from the February 28th total of 76,200 shares. Based on an average daily trading volume, of 154,300 shares, the short-interest ratio is currently 0.7 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AVK. Concurrent Investment Advisors LLC grew its holdings in Advent Convertible and Income Fund by 6.0% during the fourth quarter. Concurrent Investment Advisors LLC now owns 26,337 shares of the investment management company’s stock valued at $310,000 after purchasing an additional 1,487 shares during the period. Encompass More Asset Management grew its stake in Advent Convertible and Income Fund by 23.1% in the 4th quarter. Encompass More Asset Management now owns 14,660 shares of the investment management company’s stock valued at $173,000 after buying an additional 2,755 shares in the last quarter. Jaffetilchin Investment Partners LLC grew its position in shares of Advent Convertible and Income Fund by 21.3% in the fourth quarter. Jaffetilchin Investment Partners LLC now owns 16,342 shares of the investment management company’s stock valued at $192,000 after purchasing an additional 2,867 shares in the last quarter. Stifel Financial Corp grew its holdings in Advent Convertible and Income Fund by 14.9% during the 4th quarter. Stifel Financial Corp now owns 26,223 shares of the investment management company’s stock valued at $309,000 after buying an additional 3,397 shares in the last quarter. Finally, Ameriflex Group Inc. bought a new stake in Advent Convertible and Income Fund during the 4th quarter worth approximately $66,000.

Advent Convertible and Income Fund Stock Performance

Shares of NYSE AVK opened at $11.45 on Wednesday. The stock’s 50 day moving average price is $11.93 and its 200-day moving average price is $11.84. Advent Convertible and Income Fund has a twelve month low of $11.06 and a twelve month high of $12.97.

Advent Convertible and Income Fund Dividend Announcement

The firm also recently announced a monthly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a dividend of $0.1172 per share. This represents a $1.41 dividend on an annualized basis and a dividend yield of 12.29%. The ex-dividend date of this dividend was Friday, March 14th.

About Advent Convertible and Income Fund

Advent Claymore Convertible Securities and Income Fund is a closed-ended fixed income mutual fund launched and managed by Advent Capital Management, LLC. The fund primarily invests in the fixed income markets of the United States. It seeks to invest in securities of companies operating across the diversified sectors.