Advent Claymore Convertible Sec & Inc Fd (NYSE:AVK) declared a monthly dividend on Tuesday, December 4th, Wall Street Journal reports. Stockholders of record on Friday, December 14th will be paid a dividend of 0.1172 per share by the investment management company on Monday, December 31st. This represents a $1.41 dividend on an annualized basis and a dividend yield of 10.50%. The ex-dividend date is Thursday, December 13th. This is an increase from Advent Claymore Convertible Sec & Inc Fd’s previous monthly dividend of $0.12.
Advent Claymore Convertible Sec & Inc Fd has raised its dividend by an average of 4.5% per year over the last three years.
Shares of NYSE:AVK opened at $13.40 on Friday. Advent Claymore Convertible Sec & Inc Fd has a 12-month low of $13.14 and a 12-month high of $16.50.
In related news, CEO Tracy V. Maitland acquired 12,000 shares of Advent Claymore Convertible Sec & Inc Fd stock in a transaction dated Monday, September 10th. The shares were purchased at an average cost of $15.71 per share, with a total value of $188,520.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Advent Capital Management /De/ acquired 6,000 shares of Advent Claymore Convertible Sec & Inc Fd stock in a transaction dated Thursday, September 27th. The shares were bought at an average cost of $15.69 per share, for a total transaction of $94,140.00. Following the completion of the purchase, the insider now directly owns 80,000 shares of the company’s stock, valued at approximately $1,255,200. The disclosure for this purchase can be found here. Insiders have bought 62,000 shares of company stock worth $953,460 over the last ninety days.
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About Advent Claymore Convertible Sec & Inc Fd
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.
Further Reading: What is a closed-end mutual fund (CEF)?
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