Virtus Equity & Convertible Income Fund (NYSE:NIE) Sees Large Decrease in Short Interest

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the recipient of a large drop in short interest in the month of November. As of November 30th, there was short interest totalling 19,700 shares, a drop of 37.7% from the November 15th total of 31,600 shares. Based on an average daily trading volume, of 61,200 shares, the short-interest ratio is presently 0.3 days.

Virtus Equity & Convertible Income Fund Trading Up 0.4 %

NIE stock opened at $24.48 on Friday. The business’s fifty day moving average price is $23.85 and its two-hundred day moving average price is $23.11. Virtus Equity & Convertible Income Fund has a fifty-two week low of $20.39 and a fifty-two week high of $25.44.

Virtus Equity & Convertible Income Fund Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Thursday, December 12th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 8.17%. The ex-dividend date is Thursday, December 12th.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Stolper Co increased its position in shares of Virtus Equity & Convertible Income Fund by 1.4% in the third quarter. Stolper Co now owns 30,889 shares of the company’s stock worth $711,000 after purchasing an additional 437 shares during the period. International Assets Investment Management LLC increased its position in shares of Virtus Equity & Convertible Income Fund by 7.4% in the second 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 during the period. Raymond James & Associates increased its position in shares of Virtus Equity & Convertible Income Fund by 0.5% in the third quarter. Raymond James & Associates now owns 224,251 shares of the company’s stock worth $5,160,000 after purchasing an additional 1,071 shares during the period. Cornerstone Wealth Management LLC increased its position in shares of Virtus Equity & Convertible Income Fund by 5.3% in the third quarter. Cornerstone Wealth Management LLC now owns 22,533 shares of the company’s stock worth $518,000 after purchasing an additional 1,132 shares during the period. Finally, Luken Investment Analytics LLC bought a new position in shares of Virtus Equity & Convertible Income Fund in the second quarter worth $27,000.

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.