Advent Convertible and Income Fund (NYSE:AVK) Sees Large Growth in Short Interest

Advent Convertible and Income Fund (NYSE:AVK) was the target of a significant increase in short interest in March. As of March 13th, there was short interest totaling 53,184 shares, an increase of 97.6% from the February 26th total of 26,910 shares. Based on an average daily volume of 147,335 shares, the days-to-cover ratio is currently 0.4 days.

Advent Convertible and Income Fund Stock Performance

AVK traded down $0.34 on Friday, reaching $10.96. The company had a trading volume of 416,430 shares, compared to its average volume of 176,890. The company has a fifty day moving average of $12.36 and a 200-day moving average of $12.56. Advent Convertible and Income Fund has a one year low of $9.75 and a one year high of $13.10.

Advent Convertible and Income Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a $0.1172 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 12.8%. The ex-dividend date of this dividend is Friday, March 13th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in AVK. Guggenheim Capital LLC raised its holdings in Advent Convertible and Income Fund by 15.2% during the fourth quarter. Guggenheim Capital LLC now owns 785,038 shares of the investment management company’s stock worth $9,844,000 after purchasing an additional 103,476 shares in the last quarter. Cetera Investment Advisers boosted its stake in Advent Convertible and Income Fund by 77.5% during the 4th quarter. Cetera Investment Advisers now owns 40,701 shares of the investment management company’s stock valued at $510,000 after purchasing an additional 17,770 shares in the last quarter. &PARTNERS acquired a new position in shares of Advent Convertible and Income Fund during the 4th quarter valued at $1,024,000. Arete Wealth Advisors LLC increased its position in shares of Advent Convertible and Income Fund by 3.9% during the 4th quarter. Arete Wealth Advisors LLC now owns 308,048 shares of the investment management company’s stock valued at $3,863,000 after purchasing an additional 11,517 shares during the period. Finally, Kestra Advisory Services LLC bought a new stake in shares of Advent Convertible and Income Fund in the 4th quarter worth $119,000.

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.