Advent Convertible and Income Fund (NYSE:AVK) Stock Passes Below 200 Day Moving Average – Here’s Why

Shares of Advent Convertible and Income Fund (NYSE:AVK) passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $12.28 and traded as low as $12.15. Advent Convertible and Income Fund shares last traded at $12.23, with a volume of 178,858 shares changing hands.

Advent Convertible and Income Fund Price Performance

The firm has a 50 day moving average price of $12.74 and a 200-day moving average price of $12.28.

Advent Convertible and Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, November 28th. Shareholders of record on Friday, November 14th will be issued a dividend of $0.1172 per share. This represents a c) annualized dividend and a yield of 11.5%. The ex-dividend date is Friday, November 14th.

Institutional Investors Weigh In On Advent Convertible and Income Fund

A number of hedge funds and other institutional investors have recently modified their holdings of AVK. Geneos Wealth Management Inc. grew its stake in shares of Advent Convertible and Income Fund by 301.1% during the first quarter. Geneos Wealth Management Inc. now owns 3,975 shares of the investment management company’s stock worth $46,000 after purchasing an additional 2,984 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new position in shares of Advent Convertible and Income Fund during the 3rd quarter worth about $60,000. Calton & Associates Inc. purchased a new position in shares of Advent Convertible and Income Fund in the 1st quarter valued at about $136,000. Elevation Point Wealth Partners LLC purchased a new position in shares of Advent Convertible and Income Fund in the 3rd quarter valued at about $156,000. Finally, L.M. Kohn & Company acquired a new stake in shares of Advent Convertible and Income Fund during the 2nd quarter worth about $159,000.

Advent Convertible and Income Fund Company Profile

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.