Virtus Equity & Convertible Income Fund (NYSE:NIE) Sees Significant Increase in Short Interest

Virtus Equity & Convertible Income Fund (NYSE:NIE) saw a significant growth in short interest in June. As of June 30th, there was short interest totaling 39,631 shares, a growth of 275.8% from the June 15th total of 10,545 shares. Based on an average daily trading volume, of 82,689 shares, the short-interest ratio is presently 0.5 days.

Virtus Equity & Convertible Income Fund Stock Down 0.9%

NYSE NIE traded down $0.23 during midday trading on Monday, hitting $26.50. 36,685 shares of the company traded hands, compared to its average volume of 64,064. Virtus Equity & Convertible Income Fund has a 52 week low of $22.78 and a 52 week high of $27.24. The company’s 50-day simple moving average is $26.55 and its 200-day simple moving average is $25.54.

Virtus Equity & Convertible Income Fund Increases Dividend

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

Institutional Trading of Virtus Equity & Convertible Income Fund

A number of institutional investors have recently modified their holdings of NIE. Advisors Asset Management Inc. lifted its position in Virtus Equity & Convertible Income Fund by 0.3% during the fourth quarter. Advisors Asset Management Inc. now owns 863,318 shares of the company’s stock valued at $21,514,000 after acquiring an additional 2,998 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Virtus Equity & Convertible Income Fund by 0.7% during the 1st quarter. Royal Bank of Canada now owns 575,167 shares of the company’s stock valued at $13,435,000 after purchasing an additional 4,007 shares during the last quarter. Guggenheim Capital LLC boosted its position in shares of Virtus Equity & Convertible Income Fund by 14.0% in the 4th quarter. Guggenheim Capital LLC now owns 479,040 shares of the company’s stock worth $11,938,000 after purchasing an additional 58,661 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in Virtus Equity & Convertible Income Fund by 1.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 401,952 shares of the company’s stock valued at $10,165,000 after buying an additional 5,959 shares in the last quarter. Finally, Saba Capital Management L.P. raised its stake in Virtus Equity & Convertible Income Fund by 21.2% in the first quarter. Saba Capital Management L.P. now owns 361,316 shares of the company’s stock valued at $8,440,000 after buying an additional 63,116 shares during 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.