Virtus Equity & Convertible Income Fund (NYSE:NIE) Short Interest Update

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the recipient of a significant decline in short interest in the month of May. As of May 29th, there was short interest totaling 6,669 shares, a decline of 55.7% from the May 14th total of 15,062 shares. Based on an average daily trading volume, of 91,377 shares, the days-to-cover ratio is presently 0.1 days.

Virtus Equity & Convertible Income Fund Trading Down 0.4%

NIE traded down $0.12 during midday trading on Monday, hitting $26.46. The company had a trading volume of 38,633 shares, compared to its average volume of 63,398. The stock’s 50 day moving average price is $25.93 and its 200 day moving average price is $25.36. Virtus Equity & Convertible Income Fund has a 52 week low of $22.74 and a 52 week high of $27.24.

Virtus Equity & Convertible Income Fund Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 15th will be paid a dividend of $0.58 per share. This is an increase from Virtus Equity & Convertible Income Fund’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, June 15th. This represents a $2.32 dividend on an annualized basis and a yield of 8.8%.

Hedge Funds Weigh In On Virtus Equity & Convertible Income Fund

Large investors have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its position in shares of 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 buying an additional 4,007 shares during the last quarter. Saba Capital Management L.P. grew 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 valued at $8,440,000 after acquiring an additional 63,116 shares during the period. Cetera Investment Advisers grew its holdings in Virtus Equity & Convertible Income Fund by 21.0% during the first quarter. Cetera Investment Advisers now owns 30,176 shares of the company’s stock valued at $705,000 after purchasing an additional 5,228 shares during the period. First Trust Advisors LP purchased a new stake in Virtus Equity & Convertible Income Fund in the 1st quarter worth about $789,000. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Virtus Equity & Convertible Income Fund by 19.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 80,112 shares of the company’s stock worth $1,871,000 after purchasing an additional 12,930 shares in the last quarter.

About Virtus Equity & Convertible Income Fund

Virtus Equity & Convertible Income Fund (NYSE:NIE) is a diversified, closed-end management investment company designed to provide shareholders with a combination of current income and capital appreciation. The fund seeks to achieve its objectives by investing predominantly in convertible securities of U.S. and non-U.S. issuers alongside selected common stocks. Leveraging the hybrid characteristics of convertibles, the fund aims to capture income potential while maintaining exposure to equity market upside.

The fund’s investment strategy centers on a flexible allocation between fixed-income and equity components, with portfolio managers conducting rigorous credit and equity research to identify issuers offering attractive risk-reward profiles.