Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) Sees Significant Drop in Short Interest

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) saw a large decline in short interest in the month of May. As of May 15th, there was short interest totaling 7,196 shares, a decline of 73.7% from the April 30th total of 27,412 shares. Based on an average daily volume of 74,255 shares, the days-to-cover ratio is presently 0.1 days. Approximately 0.0% of the shares of the company are short sold.

Gabelli Convertible & Income Securities Fund Stock Performance

Shares of NYSE:GCV traded up $0.03 during midday trading on Friday, reaching $4.67. 94,102 shares of the company traded hands, compared to its average volume of 63,139. Gabelli Convertible & Income Securities Fund has a 12 month low of $3.63 and a 12 month high of $4.71. The firm’s fifty day moving average price is $4.45 and its two-hundred day moving average price is $4.36.

Gabelli Convertible & Income Securities Fund Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Monday, June 15th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 10.3%. The ex-dividend date is Monday, June 15th.

Hedge Funds Weigh In On Gabelli Convertible & Income Securities Fund

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cetera Investment Advisers boosted its holdings in shares of Gabelli Convertible & Income Securities Fund by 4.1% in the 4th quarter. Cetera Investment Advisers now owns 56,831 shares of the investment management company’s stock worth $236,000 after purchasing an additional 2,252 shares in the last quarter. Kestra Advisory Services LLC boosted its holdings in shares of Gabelli Convertible & Income Securities Fund by 59.2% in the 4th quarter. Kestra Advisory Services LLC now owns 57,251 shares of the investment management company’s stock worth $238,000 after purchasing an additional 21,290 shares in the last quarter. Integrity Advisory Solutions LLC purchased a new position in shares of Gabelli Convertible & Income Securities Fund in the 4th quarter worth about $48,000. PFG Advisors boosted its holdings in shares of Gabelli Convertible & Income Securities Fund by 2.9% in the 4th quarter. PFG Advisors now owns 142,900 shares of the investment management company’s stock worth $593,000 after purchasing an additional 4,059 shares in the last quarter. Finally, PMG Family Office LLC purchased a new position in shares of Gabelli Convertible & Income Securities Fund in the 3rd quarter worth about $57,000. 23.40% of the stock is currently owned by hedge funds and other institutional investors.

About Gabelli Convertible & Income Securities Fund

Gabelli Convertible & Income Securities Fund (NYSE: GCV) is a closed-end management investment company that seeks to provide current income and capital appreciation by investing primarily in convertible securities and other fixed-income instruments. The fund’s portfolio typically includes convertible corporate bonds, preferred stocks, and equities of companies that offer the potential for both income generation and price appreciation through embedded option features.

The fund pursues a strategy that combines credit analysis with equity valuation to identify convertible securities that offer attractive yields relative to their risk profiles.