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

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Concurrent Investment Advisors LLC lifted 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 last quarter. Encompass More Asset Management lifted its stake in shares of Advent Convertible and Income Fund by 23.1% during 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 boosted its holdings in Advent Convertible and Income Fund by 21.3% in the 4th quarter. Jaffetilchin Investment Partners LLC now owns 16,342 shares of the investment management company’s stock worth $192,000 after buying an additional 2,867 shares during the period. Stifel Financial Corp grew its stake in Advent Convertible and Income Fund by 14.9% in 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 valued at $66,000.

Advent Convertible and Income Fund Price Performance

AVK traded down $0.11 during trading on Monday, hitting $11.47. 179,596 shares of the company traded hands, compared to its average volume of 161,264. Advent Convertible and Income Fund has a one year low of $11.06 and a one year high of $12.97. The stock’s fifty day moving average is $11.95 and its 200 day moving average is $11.85.

Advent Convertible and Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.1172 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.41 annualized dividend and a yield of 12.26%.

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.