Advent Convertible and Income Fund (NYSE:AVK) Share Price Breaks Below 200-Day Moving Average – What’s Next?

Advent Convertible and Income Fund (NYSE:AVK)’s stock price crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $12.42 and traded as low as $10.86. Advent Convertible and Income Fund shares last traded at $10.98, with a volume of 139,407 shares changing hands.

Advent Convertible and Income Fund Stock Down 0.2%

The firm’s fifty day moving average is $11.95 and its 200-day moving average is $12.42.

Advent Convertible and Income Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Friday, October 30th. Stockholders of record on Thursday, October 15th will be given a dividend of $0.1172 per share. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $1.41 annualized dividend and a dividend yield of 12.8%.

Hedge Funds Weigh In On Advent Convertible and Income Fund

Several institutional investors have recently made changes to their positions in AVK. MeadowBrook Investment Advisors LLC bought a new stake in Advent Convertible and Income Fund in the 1st quarter valued at about $53,000. Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Advent Convertible and Income Fund during the first quarter worth about $114,000. Calamos Advisors LLC bought a new stake in shares of Advent Convertible and Income Fund during the first quarter worth about $139,000. IMC Chicago LLC bought a new position in Advent Convertible and Income Fund in the 2nd quarter valued at about $140,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in Advent Convertible and Income Fund during the 2nd quarter worth approximately $160,000.

About Advent Convertible and Income Fund

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

The fund’s portfolio may include convertible bonds, convertible preferred stocks, corporate bonds and other debt instruments. Convertible securities can provide income while also offering the potential to participate in the equity performance of the issuing company.