Virtus Equity & Convertible Income Fund (NYSE:NIE) Stock Price Down 0.9% – Here’s What Happened

Virtus Equity & Convertible Income Fund (NYSE:NIE)’s stock price traded down 0.9% during trading on Tuesday . The company traded as low as $26.15 and last traded at $26.34. 63,380 shares traded hands during mid-day trading, a decline of 2% from the average session volume of 64,550 shares. The stock had previously closed at $26.59.

Virtus Equity & Convertible Income Fund Price Performance

The firm has a 50-day simple moving average of $26.49 and a 200-day simple moving average of $25.50.

Virtus Equity & Convertible Income Fund Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 15th were given a dividend of $0.58 per share. This represents a $2.32 annualized dividend and a yield of 8.8%. This is a positive change from Virtus Equity & Convertible Income Fund’s previous quarterly dividend of $0.50. The ex-dividend date was Monday, June 15th.

Hedge Funds Weigh In On Virtus Equity & Convertible Income Fund

Several institutional investors and hedge funds have recently bought and sold shares of the stock. US Bancorp DE bought a new position in shares of Virtus Equity & Convertible Income Fund in the third quarter worth approximately $104,000. NewEdge Advisors LLC increased its stake in Virtus Equity & Convertible Income Fund by 9.8% in the 1st quarter. NewEdge Advisors LLC now owns 6,925 shares of the company’s stock worth $153,000 after buying an additional 617 shares in the last quarter. Blue Bell Private Wealth Management LLC raised its holdings in Virtus Equity & Convertible Income Fund by 338.1% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 6,655 shares of the company’s stock valued at $166,000 after acquiring an additional 5,136 shares during the period. Fifth Third Bancorp bought a new stake in Virtus Equity & Convertible Income Fund during the first quarter valued at about $189,000. Finally, Graves Light Lenhart Wealth Inc. purchased a new position in shares of Virtus Equity & Convertible Income Fund in the second quarter valued at about $211,000.

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.