Virtus Convertible & Income Fund (NYSE:NCV) Stock Short Interest Jumps 115.5%

Virtus Convertible & Income Fund (NYSE:NCV) was the recipient of a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 23,037 shares, an increase of 115.5% from the September 30th total of 10,688 shares. Based on an average daily volume of 101,929 shares, the short-interest ratio is currently 0.2 days.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Saba Capital Management L.P. increased its position in shares of Virtus Convertible & Income Fund by 373.3% in the first quarter. Saba Capital Management L.P. now owns 723,578 shares of the investment management company’s stock worth $10,767,000 after purchasing an additional 570,704 shares during the period. Private Advisor Group LLC increased its holdings in shares of Virtus Convertible & Income Fund by 21.4% during the first quarter. Private Advisor Group LLC now owns 164,322 shares of the investment management company’s stock worth $2,445,000 after buying an additional 28,915 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Virtus Convertible & Income Fund by 20.0% during the 2nd quarter. NewEdge Advisors LLC now owns 85,040 shares of the investment management company’s stock valued at $1,496,000 after acquiring an additional 14,199 shares in the last quarter. CoreCap Advisors LLC grew its holdings in Virtus Convertible & Income Fund by 17.4% during the 3rd quarter. CoreCap Advisors LLC now owns 85,343 shares of the investment management company’s stock worth $1,290,000 after acquiring an additional 12,668 shares during the last quarter. Finally, Shaker Financial Services LLC increased its position in Virtus Convertible & Income Fund by 595.1% in the 3rd quarter. Shaker Financial Services LLC now owns 74,464 shares of the investment management company’s stock valued at $1,125,000 after acquiring an additional 63,752 shares during the period.

Virtus Convertible & Income Fund Stock Performance

NCV stock traded down $0.38 during mid-day trading on Friday, reaching $15.14. The company had a trading volume of 88,316 shares, compared to its average volume of 89,011. The stock’s 50-day simple moving average is $15.66 and its two-hundred day simple moving average is $16.29. Virtus Convertible & Income Fund has a one year low of $14.46 and a one year high of $17.65.

Virtus Convertible & Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, November 27th. Shareholders of record on Thursday, November 12th will be paid a dividend of $0.1360 per share. This represents a $1.63 annualized dividend and a yield of 10.8%. The ex-dividend date of this dividend is Thursday, November 12th.

Virtus Convertible & Income Fund Company Profile

Virtus Convertible & Income Fund is a closed-end investment company listed on the New York Stock Exchange under the symbol NCV. The fund seeks to provide current income and, secondarily, capital appreciation by investing primarily in a diversified portfolio of convertible securities and other income-producing investments.

Its portfolio may include convertible bonds, convertible preferred stocks, corporate bonds and other debt instruments. Convertible securities generally combine income features associated with fixed-income investments with the potential to participate in the equity performance of the issuing company.