Advent Convertible and Income Fund (NYSE:AVK) Stock Price Crosses Above Fifty Day Moving Average – Time to Sell?

Advent Convertible and Income Fund (NYSE:AVK) shares passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $12.69 and traded as high as $12.96. Advent Convertible and Income Fund shares last traded at $12.8770, with a volume of 135,576 shares changing hands.

Advent Convertible and Income Fund Stock Down 0.6%

The firm’s 50 day simple moving average is $12.69 and its two-hundred day simple moving average is $12.11.

Advent Convertible and Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, October 31st. Stockholders of record on Wednesday, October 15th will be given a dividend of $0.1172 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a c) annualized dividend and a dividend yield of 10.9%.

Institutional Investors Weigh In On Advent Convertible and Income Fund

Several hedge funds and other institutional investors have recently made changes to their positions in AVK. Advisors Asset Management Inc. increased its position in shares of Advent Convertible and Income Fund by 21.9% during the second quarter. Advisors Asset Management Inc. now owns 805,578 shares of the investment management company’s stock worth $9,756,000 after acquiring an additional 144,955 shares in the last quarter. Penserra Capital Management LLC increased its position in shares of Advent Convertible and Income Fund by 10.0% during the first quarter. Penserra Capital Management LLC now owns 1,175,128 shares of the investment management company’s stock worth $13,549,000 after acquiring an additional 106,926 shares in the last quarter. Raymond James Financial Inc. increased its position in shares of Advent Convertible and Income Fund by 7.7% during the second quarter. Raymond James Financial Inc. now owns 1,342,294 shares of the investment management company’s stock worth $16,255,000 after acquiring an additional 95,512 shares in the last quarter. Shaker Financial Services LLC bought a new stake in shares of Advent Convertible and Income Fund during the third quarter worth about $615,000. Finally, Steward Partners Investment Advisory LLC increased its position in shares of Advent Convertible and Income Fund by 52.7% during the second quarter. Steward Partners Investment Advisory LLC now owns 133,661 shares of the investment management company’s stock worth $1,619,000 after acquiring an additional 46,135 shares in the last quarter.

Advent Convertible and Income Fund Company Profile

Advent Claymore Convertible Securities and Income Fund is a closed-ended fixed income mutual fund launched and managed by Advent Capital Management, LLC. The fund primarily invests in the fixed income markets of the United States. It seeks to invest in securities of companies operating across the diversified sectors.