Advent Convertible and Income Fund (NYSE:AVK) Share Price Crosses Below 200-Day Moving Average – Here’s Why

Advent Convertible and Income Fund (NYSE:AVK) shares passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $12.47 and traded as low as $12.44. Advent Convertible and Income Fund shares last traded at $12.53, with a volume of 135,342 shares traded.

Advent Convertible and Income Fund Price Performance

The firm has a 50-day moving average of $12.09 and a 200-day moving average of $12.47.

Advent Convertible and Income Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, April 30th. Investors of record on Wednesday, April 15th will be given a $0.1172 dividend. The ex-dividend date of this dividend is Wednesday, April 15th. This represents a c) annualized dividend and a yield of 11.4%.

Hedge Funds Weigh In On Advent Convertible and Income Fund

Several hedge funds and other institutional investors have recently modified their holdings of AVK. Raymond James Financial Inc. increased its position in Advent Convertible and Income Fund by 8.5% during 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 acquiring an additional 114,371 shares during the last quarter. Guggenheim Capital LLC lifted its holdings in Advent Convertible and Income Fund by 15.2% in the fourth quarter. Guggenheim Capital LLC now owns 785,038 shares of the investment management company’s stock valued at $9,844,000 after acquiring an additional 103,476 shares during the period. &PARTNERS bought a new position in Advent Convertible and Income Fund in the fourth quarter valued at about $1,024,000. Advisors Asset Management Inc. lifted its holdings in Advent Convertible and Income Fund by 6.7% in the fourth quarter. Advisors Asset Management Inc. now owns 788,747 shares of the investment management company’s stock valued at $9,891,000 after acquiring an additional 49,595 shares during the period. Finally, Shaker Financial Services LLC bought a new position in Advent Convertible and Income Fund in the third quarter valued at about $615,000.

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.