Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) Sees Large Growth in Short Interest

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) was the recipient of a significant increase in short interest during the month of June. As of June 15th, there was short interest totaling 4,555 shares, an increase of 328.5% from the May 31st total of 1,063 shares. Approximately 0.0% of the company’s shares are sold short. Based on an average daily trading volume, of 80,255 shares, the days-to-cover ratio is currently 0.1 days.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Cetera Investment Advisers increased its stake in Gabelli Convertible & Income Securities Fund by 4.1% in the 4th quarter. Cetera Investment Advisers now owns 56,831 shares of the investment management company’s stock worth $236,000 after buying an additional 2,252 shares during the period. Kestra Advisory Services LLC boosted its position in Gabelli Convertible & Income Securities Fund by 59.2% in the 4th quarter. Kestra Advisory Services LLC now owns 57,251 shares of the investment management company’s stock valued at $238,000 after buying an additional 21,290 shares during the period. Integrity Advisory Solutions LLC purchased a new stake in Gabelli Convertible & Income Securities Fund in the 4th quarter valued at about $48,000. PFG Advisors grew its stake in Gabelli Convertible & Income Securities Fund by 2.9% in the 4th quarter. PFG Advisors now owns 142,900 shares of the investment management company’s stock worth $593,000 after acquiring an additional 4,059 shares in the last quarter. Finally, PMG Family Office LLC bought a new position in Gabelli Convertible & Income Securities Fund in the 3rd quarter worth about $57,000. 23.40% of the stock is currently owned by institutional investors.

Gabelli Convertible & Income Securities Fund Price Performance

Shares of GCV stock traded down $0.03 on Friday, reaching $4.62. 55,862 shares of the company’s stock were exchanged, compared to its average volume of 70,493. Gabelli Convertible & Income Securities Fund has a 52 week low of $3.78 and a 52 week high of $4.77. The company’s fifty day simple moving average is $4.57 and its 200 day simple moving average is $4.43.

Gabelli Convertible & Income Securities Fund Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Monday, June 15th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 10.4%. The ex-dividend date was Monday, June 15th.

About Gabelli Convertible & Income Securities Fund

Gabelli Convertible & Income Securities Fund (NYSE: GCV) is a closed-end management investment company that seeks to provide current income and capital appreciation by investing primarily in convertible securities and other fixed-income instruments. The fund’s portfolio typically includes convertible corporate bonds, preferred stocks, and equities of companies that offer the potential for both income generation and price appreciation through embedded option features.

The fund pursues a strategy that combines credit analysis with equity valuation to identify convertible securities that offer attractive yields relative to their risk profiles.