Short Interest in Virtus Convertible & Income Fund (NYSE:NCV) Drops By 64.4%

Virtus Convertible & Income Fund (NYSE:NCV) was the recipient of a significant drop in short interest in the month of August. As of August 14th, there was short interest totaling 6,471 shares, a drop of 64.4% from the July 30th total of 18,154 shares. Based on an average trading volume of 56,550 shares, the short-interest ratio is currently 0.1 days.

Institutional Investors Weigh In On Virtus Convertible & Income Fund

Several large investors have recently added to or reduced their stakes in NCV. Saba Capital Management L.P. boosted its stake in Virtus Convertible & Income Fund by 373.3% during the first quarter. Saba Capital Management L.P. now owns 723,578 shares of the investment management company’s stock valued at $10,767,000 after buying an additional 570,704 shares during the period. Thomas J. Herzfeld Advisors Inc. bought a new position in Virtus Convertible & Income Fund in the 4th quarter worth about $2,641,000. Guggenheim Capital LLC increased its stake in Virtus Convertible & Income Fund by 70.3% in the 4th quarter. Guggenheim Capital LLC now owns 337,948 shares of the investment management company’s stock worth $5,120,000 after acquiring an additional 139,536 shares during the last quarter. Wealth Care LLC purchased a new stake in shares of Virtus Convertible & Income Fund in the 1st quarter valued at about $1,016,000. Finally, NewEdge Advisors LLC raised its holdings in shares of Virtus Convertible & Income Fund by 288.6% in the 3rd quarter. NewEdge Advisors LLC now owns 76,591 shares of the investment management company’s stock valued at $1,149,000 after acquiring an additional 56,879 shares in the last quarter.

Virtus Convertible & Income Fund Price Performance

Shares of NYSE NCV traded down $0.15 during mid-day trading on Friday, hitting $16.62. The company had a trading volume of 39,671 shares, compared to its average volume of 90,840. Virtus Convertible & Income Fund has a 1 year low of $14.46 and a 1 year high of $17.65. The stock’s 50-day moving average price is $17.02 and its 200-day moving average price is $16.59.

Virtus Convertible & Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, August 28th. Stockholders of record on Thursday, August 13th will be issued a $0.136 dividend. The ex-dividend date of this dividend is Thursday, August 13th. This represents a c) annualized dividend and a dividend yield of 9.8%.

About Virtus Convertible & Income Fund

Virtus Convertible & Income Fund Inc (NYSE: NCV) is a diversified, closed-end management investment company sponsored by Virtus Investment Partners. Listed on the New York Stock Exchange, the fund seeks to deliver a high level of total return by investing primarily in convertible securities and other income-oriented instruments. It pursues a balanced approach that combines elements of equity growth potential with fixed-income stability, aiming to appeal to investors focused on current income and long-term capital appreciation.

The fund’s portfolio is constructed predominantly of convertible bonds issued by U.S.