The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) Sees Large Drop in Short Interest

The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) saw a significant drop in short interest in March. As of March 31st, there was short interest totalling 55,300 shares, a drop of 17.0% from the March 15th total of 66,600 shares. Approximately 0.3% of the company’s stock are sold short. Based on an average daily trading volume, of 44,400 shares, the short-interest ratio is currently 1.2 days.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Arete Wealth Advisors LLC acquired a new stake in The Gabelli Convertible and Income Securities Fund during the 4th quarter worth $57,000. Cornerstone Advisors LLC lifted its holdings in shares of The Gabelli Convertible and Income Securities Fund by 769.3% in the 4th quarter. Cornerstone Advisors LLC now owns 19,099 shares of the investment management company’s stock valued at $73,000 after purchasing an additional 16,902 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of The Gabelli Convertible and Income Securities Fund in the 4th quarter valued at about $83,000. Cetera Investment Advisers acquired a new position in The Gabelli Convertible and Income Securities Fund during the fourth quarter worth approximately $110,000. Finally, Janney Montgomery Scott LLC purchased a new stake in The Gabelli Convertible and Income Securities Fund in the fourth quarter valued at approximately $178,000. Institutional investors and hedge funds own 23.40% of the company’s stock.

The Gabelli Convertible and Income Securities Fund Trading Up 0.3 %

Shares of NYSE:GCV traded up $0.01 on Monday, hitting $3.37. 12,959 shares of the company’s stock were exchanged, compared to its average volume of 43,732. The Gabelli Convertible and Income Securities Fund has a 1-year low of $3.01 and a 1-year high of $4.34. The firm’s 50-day moving average is $3.73 and its 200 day moving average is $3.81.

The Gabelli Convertible and Income Securities Fund Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Monday, March 17th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.48 dividend on an annualized basis and a yield of 14.24%.

About The Gabelli Convertible and Income Securities Fund

The Gabelli Convertible and Income Securities Fund Inc is a closed-ended balanced mutual fund launched by GAMCO Investors, Inc The fund is managed by Gabelli Funds, LLC. It invests in public equity and fixed income markets. The fund seeks to invest in stocks of companies operating across diversified sectors.