Short Interest in Virtus Equity & Convertible Income Fund (NYSE:NIE) Grows By 231.7%

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the target of a large growth in short interest in the month of April. As of April 30th, there was short interest totaling 19,547 shares, a growth of 231.7% from the April 15th total of 5,893 shares. Based on an average daily trading volume, of 58,306 shares, the days-to-cover ratio is currently 0.3 days.

Virtus Equity & Convertible Income Fund Trading Down 1.0%

NYSE:NIE traded down $0.28 during mid-day trading on Friday, hitting $26.70. The company had a trading volume of 58,726 shares, compared to its average volume of 60,481. The business has a fifty day simple moving average of $24.87 and a 200-day simple moving average of $25.19. Virtus Equity & Convertible Income Fund has a 1 year low of $22.74 and a 1 year high of $27.02.

Virtus Equity & Convertible Income Fund Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 30th. Shareholders of record on Monday, March 16th were given a $0.50 dividend. The ex-dividend date of this dividend was Monday, March 16th. This represents a $2.00 annualized dividend and a yield of 7.5%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. raised its position in Virtus Equity & Convertible Income Fund by 0.3% in the fourth quarter. Advisors Asset Management Inc. now owns 863,318 shares of the company’s stock valued at $21,514,000 after purchasing an additional 2,998 shares during the period. Royal Bank of Canada raised its position in Virtus Equity & Convertible Income Fund by 2.0% in the fourth quarter. Royal Bank of Canada now owns 571,160 shares of the company’s stock valued at $14,234,000 after purchasing an additional 11,079 shares during the period. Guggenheim Capital LLC raised its position in Virtus Equity & Convertible Income Fund by 14.0% in the fourth quarter. Guggenheim Capital LLC now owns 479,040 shares of the company’s stock valued at $11,938,000 after purchasing an additional 58,661 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in Virtus Equity & Convertible Income Fund by 1.5% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 401,952 shares of the company’s stock valued at $10,165,000 after purchasing an additional 5,959 shares during the period. Finally, Saba Capital Management L.P. raised its position in Virtus Equity & Convertible Income Fund by 21.2% in the first quarter. Saba Capital Management L.P. now owns 361,316 shares of the company’s stock valued at $8,440,000 after purchasing an additional 63,116 shares during the period.

About Virtus Equity & Convertible Income Fund

Virtus Equity & Convertible Income Fund (NYSE:NIE) is a diversified, closed-end management investment company designed to provide shareholders with a combination of current income and capital appreciation. The fund seeks to achieve its objectives by investing predominantly in convertible securities of U.S. and non-U.S. issuers alongside selected common stocks. Leveraging the hybrid characteristics of convertibles, the fund aims to capture income potential while maintaining exposure to equity market upside.

The fund’s investment strategy centers on a flexible allocation between fixed-income and equity components, with portfolio managers conducting rigorous credit and equity research to identify issuers offering attractive risk-reward profiles.