Virtus Equity & Convertible Income Fund (NYSE:NIE) Short Interest Update

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the target of a large drop in short interest in July. As of July 31st, there was short interest totaling 18,974 shares, a drop of 36.3% from the July 15th total of 29,784 shares. Based on an average trading volume of 54,200 shares, the short-interest ratio is currently 0.4 days.

Virtus Equity & Convertible Income Fund Stock Performance

Shares of NIE stock traded down $0.18 during mid-day trading on Wednesday, hitting $26.40. 29,017 shares of the stock were exchanged, compared to its average volume of 61,159. Virtus Equity & Convertible Income Fund has a 12-month low of $22.78 and a 12-month high of $27.24. The stock’s fifty day simple moving average is $26.38 and its two-hundred day simple moving average is $25.71.

Virtus Equity & Convertible Income Fund Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 29th. Stockholders 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 dividend yield of 8.8%. This is a boost from Virtus Equity & Convertible Income Fund’s previous quarterly dividend of $0.50. The ex-dividend date was Monday, June 15th.

Institutional Trading of Virtus Equity & Convertible Income Fund

A number of large investors have recently bought and sold shares of the business. Advisors Asset Management Inc. raised its holdings in shares of Virtus Equity & Convertible Income Fund by 0.3% in the fourth quarter. Advisors Asset Management Inc. now owns 863,318 shares of the company’s stock valued at $21,514,000 after buying an additional 2,998 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of Virtus Equity & Convertible Income Fund by 0.7% during the first quarter. Royal Bank of Canada now owns 575,167 shares of the company’s stock worth $13,435,000 after buying an additional 4,007 shares during the last quarter. Guggenheim Capital LLC increased its position in Virtus Equity & Convertible Income Fund by 14.0% in the 4th quarter. Guggenheim Capital LLC now owns 479,040 shares of the company’s stock valued at $11,938,000 after acquiring an additional 58,661 shares during the period. Saba Capital Management L.P. increased its position in Virtus Equity & Convertible Income Fund by 21.2% in the 1st quarter. Saba Capital Management L.P. now owns 361,316 shares of the company’s stock valued at $8,440,000 after acquiring an additional 63,116 shares during the period. Finally, LPL Financial LLC raised its stake in Virtus Equity & Convertible Income Fund by 26.7% during the 4th 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 last quarter.

About Virtus Equity & Convertible Income Fund

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.