Virtus Dividend, Interest & Premium Strategy Fund (NYSE:NFJ) Sees Large Decline in Short Interest

Virtus Dividend, Interest & Premium Strategy Fund (NYSE:NFJ) was the recipient of a large drop in short interest during the month of February. As of February 27th, there was short interest totaling 153,611 shares, a drop of 28.1% from the February 12th total of 213,588 shares. Based on an average daily volume of 141,461 shares, the days-to-cover ratio is currently 1.1 days. Based on an average daily volume of 141,461 shares, the days-to-cover ratio is currently 1.1 days.

Insider Transactions at Virtus Dividend, Interest & Premium Strategy Fund

In related news, major shareholder Saba Capital Management, L.P. bought 51,354 shares of the stock in a transaction on Tuesday, February 10th. The stock was bought at an average price of $13.70 per share, with a total value of $703,549.80. Following the completion of the purchase, the insider directly owned 9,851,693 shares in the company, valued at $134,968,194.10. This represents a 0.52% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders have bought 431,290 shares of company stock valued at $5,820,098.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Polar Asset Management Partners Inc. increased its stake in Virtus Dividend, Interest & Premium Strategy Fund by 2.0% during the 3rd quarter. Polar Asset Management Partners Inc. now owns 181,243 shares of the investment management company’s stock worth $2,358,000 after buying an additional 3,578 shares during the period. Prevail Innovative Wealth Advisors LLC boosted its position in Virtus Dividend, Interest & Premium Strategy Fund by 15.8% in the 3rd quarter. Prevail Innovative Wealth Advisors LLC now owns 196,966 shares of the investment management company’s stock valued at $2,563,000 after buying an additional 26,926 shares during the period. Penserra Capital Management LLC grew its stake in shares of Virtus Dividend, Interest & Premium Strategy Fund by 25.0% in the third quarter. Penserra Capital Management LLC now owns 491,498 shares of the investment management company’s stock worth $6,394,000 after acquiring an additional 98,415 shares in the last quarter. Stephens Inc. AR increased its position in shares of Virtus Dividend, Interest & Premium Strategy Fund by 46.4% during the third quarter. Stephens Inc. AR now owns 55,577 shares of the investment management company’s stock worth $723,000 after acquiring an additional 17,624 shares during the period. Finally, Opal Wealth Advisors LLC raised its stake in shares of Virtus Dividend, Interest & Premium Strategy Fund by 19.3% in the third quarter. Opal Wealth Advisors LLC now owns 75,248 shares of the investment management company’s stock valued at $979,000 after acquiring an additional 12,197 shares in the last quarter.

Virtus Dividend, Interest & Premium Strategy Fund Price Performance

Shares of Virtus Dividend, Interest & Premium Strategy Fund stock traded down $0.18 on Monday, reaching $12.53. The company had a trading volume of 118,415 shares, compared to its average volume of 192,606. The firm’s 50 day moving average price is $13.40 and its two-hundred day moving average price is $13.09. Virtus Dividend, Interest & Premium Strategy Fund has a 52-week low of $10.02 and a 52-week high of $13.92.

Virtus Dividend, Interest & Premium Strategy Fund Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be paid a dividend of $0.305 per share. The ex-dividend date is Monday, March 16th. This represents a $1.22 dividend on an annualized basis and a yield of 9.7%.

Virtus Dividend, Interest & Premium Strategy Fund Company Profile

The Virtus Dividend, Interest & Premium Strategy Fund (NYSE: NFJ) is a diversified closed-end management investment company that seeks to deliver current income and total return through a combination of equity securities, fixed-income instruments and an equity option‐writing strategy. The fund allocates its assets among U.S.-listed common stocks, preferred stocks, convertible securities and corporate bonds, while employing covered call and put option overlays to generate additional premium income and enhance yield.

Launched in February 2011, NFJ is managed by the investment professionals at Virtus Investment Advisers, LLC, who focus on identifying dividend-paying companies with strong fundamentals and attractive valuations.