Virtus Equity & Convertible Income Fund (NYSE:NIE) Trading 1.5% Higher – What’s Next?

Virtus Equity & Convertible Income Fund (NYSE:NIE)’s share price shot up 1.5% on Monday . The company traded as high as $23.97 and last traded at $23.89. 39,258 shares traded hands during trading, a decline of 41% from the average session volume of 66,104 shares. The stock had previously closed at $23.54.

Virtus Equity & Convertible Income Fund Price Performance

The business has a 50 day moving average price of $23.18 and a 200-day moving average price of $22.83.

Virtus Equity & Convertible Income Fund Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 26th. Shareholders of record on Friday, September 13th were issued a $0.50 dividend. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.00 dividend on an annualized basis and a yield of 8.37%.

Hedge Funds Weigh In On Virtus Equity & Convertible Income Fund

A number of institutional investors and hedge funds have recently modified their holdings of NIE. Luken Investment Analytics LLC bought a new stake in shares of Virtus Equity & Convertible Income Fund in the 2nd quarter valued at $27,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Virtus Equity & Convertible Income Fund by 451.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 11,828 shares of the company’s stock valued at $275,000 after purchasing an additional 9,682 shares during the period. Global Assets Advisory LLC acquired a new position in shares of Virtus Equity & Convertible Income Fund during the third quarter valued at about $275,000. International Assets Investment Management LLC boosted its position in shares of Virtus Equity & Convertible Income Fund by 7.4% during the 2nd quarter. International Assets Investment Management LLC now owns 13,345 shares of the company’s stock worth $310,000 after purchasing an additional 925 shares in the last quarter. Finally, PFG Investments LLC acquired a new stake in shares of Virtus Equity & Convertible Income Fund in the 2nd quarter valued at about $327,000.

About Virtus Equity & Convertible Income Fund

Virtus Equity & Convertible Income Fund is a closed ended equity mutual fund launched and managed by Allianz Global Investors Fund Management LLC. The fund is co-managed by Allianz Global Investors U.S. LLC. It invests in the public equity markets of the United States. The fund invests in stocks of companies operating across diversified sectors.