Advent Convertible and Income Fund (NYSE:AVK) Shares Cross Above 50-Day Moving Average – Here’s Why

Advent Convertible and Income Fund (NYSE:AVK)’s stock price passed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $11.46 and traded as high as $11.81. Advent Convertible and Income Fund shares last traded at $11.78, with a volume of 166,538 shares changing hands.

Advent Convertible and Income Fund Price Performance

The stock’s 50-day moving average is $11.46 and its 200 day moving average is $11.68.

Advent Convertible and Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a $0.1172 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.41 dividend on an annualized basis and a yield of 11.94%.

Institutional Investors Weigh In On Advent Convertible and Income Fund

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sit Investment Associates Inc. lifted its position in shares of Advent Convertible and Income Fund by 3,605.3% during the 4th quarter. Sit Investment Associates Inc. now owns 4,355,074 shares of the investment management company’s stock valued at $51,259,000 after acquiring an additional 4,237,538 shares during the period. Raymond James Financial Inc. lifted its position in shares of Advent Convertible and Income Fund by 7.0% during the 1st quarter. Raymond James Financial Inc. now owns 1,246,782 shares of the investment management company’s stock valued at $14,375,000 after acquiring an additional 81,693 shares during the period. Penserra Capital Management LLC lifted its position in shares of Advent Convertible and Income Fund by 10.0% during the 1st quarter. Penserra Capital Management LLC now owns 1,175,128 shares of the investment management company’s stock valued at $13,549,000 after acquiring an additional 106,926 shares during the period. Guggenheim Capital LLC lifted its position in shares of Advent Convertible and Income Fund by 1.7% during the 4th quarter. Guggenheim Capital LLC now owns 682,010 shares of the investment management company’s stock valued at $8,027,000 after acquiring an additional 11,579 shares during the period. Finally, Advisors Asset Management Inc. lifted its position in shares of Advent Convertible and Income Fund by 9.6% during the 1st quarter. Advisors Asset Management Inc. now owns 660,623 shares of the investment management company’s stock valued at $7,617,000 after acquiring an additional 58,075 shares during the period.

Advent Convertible and Income Fund Company Profile

Advent Claymore Convertible Securities and Income Fund is a closed-ended fixed income mutual fund launched and managed by Advent Capital Management, LLC. The fund primarily invests in the fixed income markets of the United States. It seeks to invest in securities of companies operating across the diversified sectors.