Short Interest in Advent Convertible and Income Fund (NYSE:AVK) Rises By 88.6%

Advent Convertible and Income Fund (NYSE:AVK) was the target of a significant growth in short interest during the month of July. As of July 15th, there was short interest totaling 75,305 shares, a growth of 88.6% from the June 30th total of 39,927 shares. Based on an average daily trading volume, of 123,098 shares, the short-interest ratio is currently 0.6 days.

Institutional Investors Weigh In On Advent Convertible and Income Fund

Large investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. lifted its stake in Advent Convertible and Income Fund by 8.5% in the third quarter. Raymond James Financial Inc. now owns 1,456,665 shares of the investment management company’s stock valued at $18,631,000 after buying an additional 114,371 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of Advent Convertible and Income Fund by 6.7% during the 4th quarter. Advisors Asset Management Inc. now owns 788,747 shares of the investment management company’s stock worth $9,891,000 after buying an additional 49,595 shares in the last quarter. Guggenheim Capital LLC grew its position in shares of Advent Convertible and Income Fund by 15.2% during the 4th quarter. Guggenheim Capital LLC now owns 785,038 shares of the investment management company’s stock worth $9,844,000 after buying an additional 103,476 shares during the period. LPL Financial LLC grew its position in shares of Advent Convertible and Income Fund by 1.6% during the 4th quarter. LPL Financial LLC now owns 567,005 shares of the investment management company’s stock worth $7,110,000 after buying an additional 9,175 shares during the period. Finally, Koshinski Asset Management Inc. increased its stake in shares of Advent Convertible and Income Fund by 1.6% in the 1st quarter. Koshinski Asset Management Inc. now owns 472,817 shares of the investment management company’s stock valued at $5,277,000 after acquiring an additional 7,659 shares in the last quarter.

Advent Convertible and Income Fund Stock Performance

AVK stock opened at $11.96 on Thursday. The company’s fifty day simple moving average is $12.80 and its 200 day simple moving average is $12.51. Advent Convertible and Income Fund has a 12-month low of $10.77 and a 12-month high of $13.28.

Advent Convertible and Income Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th will be paid a $0.1172 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 11.8%. The ex-dividend date of this dividend is Wednesday, July 15th.

About Advent Convertible and Income Fund

Advent Convertible and Income Fund (NYSE: AVK) is a diversified, closed-end management investment company that seeks to provide total return through current income and capital appreciation. The Fund is managed by Advent Capital Management, LLC, an SEC-registered investment adviser, and trades on the New York Stock Exchange under the ticker AVK. It offers investors a blend of equity and fixed-income exposures through a single vehicle designed to deliver regular distributions.

The Fund’s core strategy centers on convertible securities—such as convertible bonds and preferred stocks—issued by U.S.