Advent Convertible and Income Fund (NYSE:AVK) Share Price Crosses Below Two Hundred Day Moving Average – Should You Sell?

Advent Convertible and Income Fund (NYSE:AVK) shares passed below its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $12.46 and traded as low as $11.85. Advent Convertible and Income Fund shares last traded at $11.86, with a volume of 142,460 shares.

Advent Convertible and Income Fund Stock Down 0.9%

The company’s 50 day moving average price is $12.44 and its 200-day moving average price is $12.46.

Advent Convertible and Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.1172 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.41 annualized dividend and a dividend yield of 12.1%.

Institutional Trading of Advent Convertible and Income Fund

Institutional investors and hedge funds have recently modified their holdings of the business. Readystate Asset Management LP bought a new position in Advent Convertible and Income Fund during the first quarter valued at $1,187,000. Sanctuary Advisors LLC bought a new stake in shares of Advent Convertible and Income Fund in the second quarter valued at $885,000. Bank of America Corp DE bought a new stake in shares of Advent Convertible and Income Fund in the second quarter valued at $852,000. Heron Bay Capital Management purchased a new position in shares of Advent Convertible and Income Fund during the 2nd quarter valued at $561,000. Finally, NewEdge Advisors LLC lifted its position in shares of Advent Convertible and Income Fund by 44.6% during the 2nd quarter. NewEdge Advisors LLC now owns 96,524 shares of the investment management company’s stock valued at $1,264,000 after buying an additional 29,770 shares during the last quarter.

Advent Convertible and Income Fund Company Profile

Advent Convertible and Income Fund is a closed-end investment company listed on the New York Stock Exchange under the symbol AVK. The fund seeks to provide current income and capital appreciation by investing primarily in a diversified portfolio of convertible securities and income-producing fixed-income investments.

The fund is managed by Advent Capital Management, LLC, an investment adviser specializing in convertible securities and related credit markets. Its portfolio may include convertible bonds, preferred securities and other corporate debt instruments, with investments selected based on factors such as income potential, credit quality and the opportunity for equity participation through conversion features.

Advent Convertible and Income Fund invests across corporate issuers and industries, with its geographic exposure determined by the securities held in the portfolio.