Short Interest in Virtus Equity & Convertible Income Fund (NYSE:NIE) Drops By 55.7%

Virtus Equity & Convertible Income Fund (NYSE:NIE) saw a significant decrease in short interest during the month of May. As of May 29th, there was short interest totaling 6,669 shares, a decrease of 55.7% from the May 14th total of 15,062 shares. Based on an average daily volume of 91,377 shares, the short-interest ratio is currently 0.1 days.

Virtus Equity & Convertible Income Fund Trading Up 0.5%

Shares of NIE traded up $0.14 during trading hours on Friday, hitting $26.58. 54,430 shares of the stock traded hands, compared to its average volume of 63,665. Virtus Equity & Convertible Income Fund has a 1-year low of $22.74 and a 1-year high of $27.24. The business has a fifty day moving average of $25.93 and a 200-day moving average of $25.36.

Virtus Equity & Convertible Income Fund Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a dividend yield of 8.7%. This is a boost from Virtus Equity & Convertible Income Fund’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, June 15th.

Hedge Funds Weigh In On Virtus Equity & Convertible Income Fund

Several large investors have recently made changes to their positions in the company. Advisors Asset Management Inc. lifted its stake in shares of Virtus Equity & Convertible Income Fund by 0.3% during the fourth quarter. Advisors Asset Management Inc. now owns 863,318 shares of the company’s stock valued at $21,514,000 after acquiring an additional 2,998 shares during the period. Royal Bank of Canada lifted its stake in shares of Virtus Equity & Convertible Income Fund by 0.7% during the first quarter. Royal Bank of Canada now owns 575,167 shares of the company’s stock valued at $13,435,000 after acquiring an additional 4,007 shares during the period. Guggenheim Capital LLC lifted its stake in shares of Virtus Equity & Convertible Income Fund by 14.0% during the fourth quarter. Guggenheim Capital LLC now owns 479,040 shares of the company’s stock valued at $11,938,000 after acquiring an additional 58,661 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Virtus Equity & Convertible Income Fund by 1.5% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 401,952 shares of the company’s stock valued at $10,165,000 after acquiring an additional 5,959 shares during the period. Finally, Saba Capital Management L.P. lifted its stake in shares of Virtus Equity & Convertible Income Fund by 21.2% during the first quarter. Saba Capital Management L.P. now owns 361,316 shares of the company’s stock valued at $8,440,000 after acquiring an additional 63,116 shares during the period.

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.