Virtus Equity & Convertible Income Fund (NYSE:NIE) Sees Large Increase in Short Interest

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the recipient of a large growth in short interest in October. As of October 15th, there was short interest totaling 71,053 shares, a growth of 172.9% from the September 30th total of 26,034 shares. Based on an average trading volume of 102,335 shares, the short-interest ratio is currently 0.7 days.

Institutional Trading of Virtus Equity & Convertible Income Fund

Large investors have recently added to or reduced their stakes in the stock. Blue Bell Private Wealth Management LLC increased its position in shares of Virtus Equity & Convertible Income Fund by 36.8% during the third quarter. Blue Bell Private Wealth Management LLC now owns 29,484 shares of the company’s stock valued at $737,000 after acquiring an additional 7,936 shares in the last quarter. SMH Capital Advisors Inc. acquired a new position in Virtus Equity & Convertible Income Fund during the third quarter worth about $314,000. International Assets Investment Management LLC boosted its stake in Virtus Equity & Convertible Income Fund by 589.1% during the 3rd quarter. International Assets Investment Management LLC now owns 80,000 shares of the company’s stock valued at $2,000,000 after acquiring an additional 68,390 shares during the last quarter. D.A. Davidson & CO. increased its position in Virtus Equity & Convertible Income Fund by 3.3% in the 3rd quarter. D.A. Davidson & CO. now owns 107,242 shares of the company’s stock valued at $2,681,000 after acquiring an additional 3,469 shares during the period. Finally, Miller Financial Services LLC lifted its position in shares of Virtus Equity & Convertible Income Fund by 8.6% during the 3rd quarter. Miller Financial Services LLC now owns 25,200 shares of the company’s stock valued at $630,000 after acquiring an additional 2,000 shares during the last quarter.

Virtus Equity & Convertible Income Fund Trading Down 1.7%

NIE stock traded down $0.43 during trading hours on Friday, hitting $24.09. 47,745 shares of the stock traded hands, compared to its average volume of 65,367. The stock has a 50-day simple moving average of $25.38 and a 200 day simple moving average of $25.62. Virtus Equity & Convertible Income Fund has a one year low of $22.78 and a one year high of $27.24.

Virtus Equity & Convertible Income Fund Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Monday, September 14th were given a $0.58 dividend. This represents a $2.32 annualized dividend and a dividend yield of 9.6%. The ex-dividend date was Monday, September 14th.

About Virtus Equity & Convertible Income Fund

Virtus Equity & Convertible Income Fund is a closed-end investment fund listed on the New York Stock Exchange under the ticker symbol NIE. The fund seeks to provide investors with current income and long-term capital appreciation through a managed portfolio of equity securities and convertible securities.

The fund invests in common stocks and other equity-related securities, as well as convertible bonds and preferred securities. Convertible investments may provide income while also offering the potential to participate in the appreciation of the underlying company’s common stock.