Advent Convertible and Income Fund (NYSE:AVK) Share Price Passes Below 200-Day Moving Average – What’s Next?

Advent Convertible and Income Fund (NYSE:AVK)’s stock price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $12.02 and traded as low as $11.60. Advent Convertible and Income Fund shares last traded at $11.75, with a volume of 240,798 shares changing hands.

Advent Convertible and Income Fund Trading Down 0.4 %

The stock’s fifty day moving average is $11.94 and its two-hundred day moving average is $12.02.

Advent Convertible and Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 15th will be issued a $0.1172 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $1.41 dividend on an annualized basis and a dividend yield of 11.97%.

Insider Buying and Selling

In related news, insider Randall C. Barnes acquired 3,785 shares of Advent Convertible and Income Fund stock in a transaction on Thursday, October 17th. The stock was purchased at an average cost of $11.28 per share, with a total value of $42,694.80. Following the completion of the transaction, the insider now directly owns 15,140 shares in the company, valued at $170,779.20. This trade represents a 33.33 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Tracy V. Maitland acquired 13,179 shares of the company’s stock in a transaction dated Thursday, October 17th. The stock was bought at an average cost of $11.28 per share, for a total transaction of $148,659.12. Following the completion of the transaction, the chief executive officer now directly owns 45,449 shares of the company’s stock, valued at approximately $512,664.72. This trade represents a 40.84 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 19,264 shares of company stock worth $217,298.

Institutional Trading of Advent Convertible and Income Fund

Several institutional investors have recently added to or reduced their stakes in AVK. Capital Investment Advisors LLC acquired a new stake in Advent Convertible and Income Fund in the 3rd quarter worth about $119,000. Trust Investment Advisors acquired a new position in shares of Advent Convertible and Income Fund in the 2nd quarter valued at approximately $133,000. Encompass More Asset Management bought a new stake in shares of Advent Convertible and Income Fund during the 3rd quarter worth approximately $140,000. Calton & Associates Inc. acquired a new stake in shares of Advent Convertible and Income Fund during the 3rd quarter worth approximately $152,000. Finally, Choreo LLC bought a new position in Advent Convertible and Income Fund in the second quarter valued at approximately $206,000.

About Advent Convertible and Income Fund

Advent Claymore Convertible Securities and Income Fund is a closed-ended fixed income mutual fund launched and managed by Advent Capital Management, LLC. The fund primarily invests in the fixed income markets of the United States. It seeks to invest in securities of companies operating across the diversified sectors.