Virtus Equity & Convertible Income Fund (NYSE:NIE) Shares Down 1.1% – Time to Sell?

Shares of Virtus Equity & Convertible Income Fund (NYSE:NIE) dropped 1.1% during trading on Thursday . The stock traded as low as $23.33 and last traded at $23.3750. Approximately 88,369 shares were traded during trading, an increase of 55% from the average daily volume of 57,122 shares. The stock had previously closed at $23.64.

Virtus Equity & Convertible Income Fund Stock Down 2.0%

The stock’s 50 day moving average price is $24.97 and its 200-day moving average price is $25.17.

Virtus Equity & Convertible Income Fund Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Monday, March 16th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 8.7%. The ex-dividend date is Monday, March 16th.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Stolper Co grew its position in Virtus Equity & Convertible Income Fund by 2.3% during the 4th quarter. Stolper Co now owns 32,642 shares of the company’s stock worth $813,000 after acquiring an additional 719 shares during the last quarter. David J Yvars Group boosted its stake in shares of Virtus Equity & Convertible Income Fund by 20.6% during the fourth quarter. David J Yvars Group now owns 21,136 shares of the company’s stock valued at $527,000 after purchasing an additional 3,615 shares during the period. PMG Family Office LLC bought a new position in shares of Virtus Equity & Convertible Income Fund in the third quarter worth approximately $754,000. J.W. Cole Advisors Inc. purchased a new position in shares of Virtus Equity & Convertible Income Fund in the third quarter worth $202,000. Finally, Cornerstone Wealth Management LLC raised its holdings in Virtus Equity & Convertible Income Fund by 3.7% during the 3rd quarter. Cornerstone Wealth Management LLC now owns 25,526 shares of the company’s stock valued at $641,000 after buying an additional 908 shares during the last quarter.

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.