Short Interest in Virtus Equity & Convertible Income Fund (NYSE:NIE) Drops By 36.3%

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the target of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totaling 18,974 shares, a decrease of 36.3% from the July 15th total of 29,784 shares. Based on an average daily trading volume, of 54,200 shares, the short-interest ratio is currently 0.4 days.

Virtus Equity & Convertible Income Fund Stock Performance

Shares of NIE opened at $26.37 on Thursday. Virtus Equity & Convertible Income Fund has a 12-month low of $22.78 and a 12-month high of $27.24. The stock’s 50-day moving average price is $26.39 and its 200 day moving average price is $25.71.

Virtus Equity & Convertible Income Fund Increases Dividend

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Advisors Asset Management Inc. increased its holdings in Virtus Equity & Convertible Income Fund by 0.3% in the 4th quarter. Advisors Asset Management Inc. now owns 863,318 shares of the company’s stock valued at $21,514,000 after buying an additional 2,998 shares during the period. Royal Bank of Canada boosted its position 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 acquiring an additional 4,007 shares in the last quarter. Guggenheim Capital LLC boosted its position in shares of Virtus Equity & Convertible Income Fund by 14.0% during the 4th quarter. Guggenheim Capital LLC now owns 479,040 shares of the company’s stock valued at $11,938,000 after acquiring an additional 58,661 shares in the last quarter. Saba Capital Management L.P. increased 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 acquiring an additional 63,116 shares during the period. Finally, LPL Financial LLC increased its stake in Virtus Equity & Convertible Income Fund by 26.7% in the fourth quarter. LPL Financial LLC now owns 269,945 shares of the company’s stock valued at $6,727,000 after acquiring an additional 56,895 shares during the period.

Virtus Equity & Convertible Income Fund Company Profile

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.