Virtus Equity & Convertible Income Fund (NYSE:NIE) Shares Pass Below 50-Day Moving Average – Here’s What Happened

Virtus Equity & Convertible Income Fund (NYSE:NIE)’s share price crossed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $26.47 and traded as low as $25.44. Virtus Equity & Convertible Income Fund shares last traded at $25.4350, with a volume of 68,001 shares changing hands.

Virtus Equity & Convertible Income Fund Stock Up 0.9%

The business has a fifty day moving average of $26.45 and a 200 day moving average of $25.62.

Virtus Equity & Convertible Income Fund Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 15th were issued a dividend of $0.58 per share. The ex-dividend date was Monday, June 15th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 8.9%. This is an increase from Virtus Equity & Convertible Income Fund’s previous quarterly dividend of $0.50.

Institutional Investors Weigh In On Virtus Equity & Convertible Income Fund

Institutional investors and hedge funds have recently modified their holdings of the business. US Bancorp DE acquired a new position in Virtus Equity & Convertible Income Fund during the third quarter worth $104,000. Blue Bell Private Wealth Management LLC lifted its position in shares of Virtus Equity & Convertible Income Fund by 338.1% in the fourth quarter. Blue Bell Private Wealth Management LLC now owns 6,655 shares of the company’s stock worth $166,000 after buying an additional 5,136 shares during the last quarter. NewEdge Advisors LLC boosted its stake in shares of Virtus Equity & Convertible Income Fund by 9.8% during the 1st quarter. NewEdge Advisors LLC now owns 6,925 shares of the company’s stock worth $153,000 after acquiring an additional 617 shares in the last quarter. Graves Light Lenhart Wealth Inc. bought a new stake in shares of Virtus Equity & Convertible Income Fund during the 2nd quarter worth about $211,000. Finally, Fifth Third Bancorp acquired a new position in shares of Virtus Equity & Convertible Income Fund during the 1st quarter valued at about $189,000.

Virtus Equity & Convertible Income Fund Company Profile

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.