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) shares passed below its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $26.41 and traded as low as $26.18. Virtus Equity & Convertible Income Fund shares last traded at $26.20, with a volume of 49,155 shares changing hands.

Virtus Equity & Convertible Income Fund Stock Down 0.4%

The firm has a fifty day moving average of $26.41 and a 200-day moving average of $25.65.

Virtus Equity & Convertible Income Fund Increases Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. NewEdge Advisors LLC boosted its position in 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 during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its position in shares of Virtus Equity & Convertible Income Fund by 9.3% in the second quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 9,362 shares of the company’s stock valued at $251,000 after acquiring an additional 794 shares during the last quarter. Cornerstone Wealth Management LLC raised its position in Virtus Equity & Convertible Income Fund by 3.5% during the fourth quarter. Cornerstone Wealth Management LLC now owns 26,412 shares of the company’s stock worth $658,000 after acquiring an additional 886 shares in the last quarter. PMG Family Office LLC lifted its position in shares of Virtus Equity & Convertible Income Fund by 7.5% in the first quarter. PMG Family Office LLC now owns 31,747 shares of the company’s stock valued at $742,000 after buying an additional 2,223 shares during the last quarter. Finally, Schwarz Dygos Wheeler Investment Advisors LLC boosted its holdings in shares of Virtus Equity & Convertible Income Fund by 1.1% during the 4th quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 216,008 shares of the company’s stock worth $5,383,000 after buying an additional 2,299 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.