Virtus Equity & Convertible Income Fund (NYSE:NIE) Sees Significant Decrease in Short Interest

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the recipient of a large decline in short interest in the month of August. As of August 31st, there was short interest totaling 5,425 shares, a decline of 58.7% from the August 15th total of 13,145 shares. Based on an average daily trading volume, of 56,632 shares, the days-to-cover ratio is presently 0.1 days.

Institutional Trading of Virtus Equity & Convertible Income Fund

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its position in shares of Virtus Equity & Convertible Income Fund by 0.7% in the 1st quarter. Royal Bank of Canada now owns 575,167 shares of the company’s stock worth $13,435,000 after purchasing an additional 4,007 shares during the period. Saba Capital Management L.P. boosted its stake in shares of Virtus Equity & Convertible Income Fund by 21.2% in the 1st quarter. Saba Capital Management L.P. now owns 361,316 shares of the company’s stock valued at $8,440,000 after purchasing an additional 63,116 shares during the last quarter. Schwarz Dygos Wheeler Investment Advisors LLC increased its position in shares of Virtus Equity & Convertible Income Fund by 1.1% during the fourth 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. Bank of America Corp DE acquired a new stake in shares of Virtus Equity & Convertible Income Fund during the second quarter worth $3,272,000. Finally, World Investment Advisors raised its stake in Virtus Equity & Convertible Income Fund by 11.6% during the first quarter. World Investment Advisors now owns 117,859 shares of the company’s stock worth $2,753,000 after buying an additional 12,273 shares during the last quarter.

Virtus Equity & Convertible Income Fund Trading Down 0.7%

Shares of NIE stock traded down $0.17 on Tuesday, hitting $25.02. The company had a trading volume of 70,507 shares, compared to its average volume of 62,290. The stock’s 50-day moving average is $26.18 and its two-hundred day moving average is $25.78. Virtus Equity & Convertible Income Fund has a twelve month low of $22.78 and a twelve month high of $27.24.

Virtus Equity & Convertible Income Fund Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Monday, September 14th will be issued a $0.58 dividend. The ex-dividend date is Monday, September 14th. This represents a $2.32 annualized dividend and a yield of 9.3%.

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.