Virtus Equity & Convertible Income Fund (NYSE:NIE) Sees Significant Growth in Short Interest

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the recipient of a large increase in short interest during the month of June. As of June 30th, there was short interest totaling 39,631 shares, an increase of 275.8% from the June 15th total of 10,545 shares. Based on an average daily volume of 82,689 shares, the days-to-cover ratio is presently 0.5 days.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Saba Capital Management L.P. bought a new stake in Virtus Equity & Convertible Income Fund in the 4th quarter valued at about $7,431,000. Evolve Private Wealth LLC bought a new position in Virtus Equity & Convertible Income Fund in the fourth quarter worth approximately $2,028,000. Guggenheim Capital LLC boosted its holdings in Virtus Equity & Convertible Income Fund by 14.0% in the fourth quarter. Guggenheim Capital LLC now owns 479,040 shares of the company’s stock worth $11,938,000 after acquiring an additional 58,661 shares in the last quarter. LPL Financial LLC grew 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. Finally, First Trust Advisors LP bought a new stake in shares of Virtus Equity & Convertible Income Fund during the first quarter valued at approximately $789,000.

Virtus Equity & Convertible Income Fund Stock Down 0.9%

Shares of NYSE NIE traded down $0.23 during midday trading on Monday, reaching $26.50. The stock had a trading volume of 36,685 shares, compared to its average volume of 64,064. The company’s 50 day moving average price is $26.55 and its 200 day moving average price is $25.54. Virtus Equity & Convertible Income Fund has a twelve month low of $22.78 and a twelve month high of $27.24.

Virtus Equity & Convertible Income Fund Increases Dividend

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

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.