Virtus Equity & Convertible Income Fund (NYSE:NIE) Sees Large Drop in Short Interest

Virtus Equity & Convertible Income Fund (NYSE:NIE) saw a significant drop in short interest in the month of September. As of September 30th, there was short interest totaling 26,034 shares, a drop of 47.7% from the September 15th total of 49,768 shares. Based on an average daily volume of 80,954 shares, the days-to-cover ratio is presently 0.3 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of NIE. Royal Bank of Canada boosted its holdings in 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. Saba Capital Management L.P. lifted its position in shares of Virtus Equity & Convertible Income Fund by 21.2% during the 1st quarter. Saba Capital Management L.P. now owns 361,316 shares of the company’s stock worth $8,440,000 after purchasing an additional 63,116 shares during the last quarter. Bank of America Corp DE bought a new stake in Virtus Equity & Convertible Income Fund during the 2nd quarter valued at approximately $3,272,000. World Investment Advisors boosted its stake in Virtus Equity & Convertible Income Fund by 11.6% during the 1st quarter. World Investment Advisors now owns 117,859 shares of the company’s stock valued at $2,753,000 after purchasing an additional 12,273 shares during the period. Finally, Evolve Private Wealth LLC bought a new stake in Virtus Equity & Convertible Income Fund during the 2nd quarter valued at approximately $2,011,000.

Virtus Equity & Convertible Income Fund Price Performance

Shares of Virtus Equity & Convertible Income Fund stock traded down $0.24 on Wednesday, reaching $25.45. The stock had a trading volume of 18,833 shares, compared to its average volume of 65,419. The business’s 50-day moving average price is $25.77 and its two-hundred day moving average price is $25.89. Virtus Equity & Convertible Income Fund has a fifty-two week low of $22.78 and a fifty-two week high of $27.24.

Virtus Equity & Convertible Income Fund Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Monday, September 14th were paid a $0.58 dividend. The ex-dividend date was Monday, September 14th. This represents a $2.32 dividend on an annualized basis and a yield of 9.1%.

Virtus Equity & Convertible Income Fund Company Profile

Virtus Equity & Convertible Income Fund is a closed-end investment fund listed on the New York Stock Exchange under the ticker symbol NIE. The fund seeks to provide investors with current income and long-term capital appreciation through a managed portfolio of equity securities and convertible securities.

The fund invests in common stocks and other equity-related securities, as well as convertible bonds and preferred securities. Convertible investments may provide income while also offering the potential to participate in the appreciation of the underlying company’s common stock.