Virtus Equity & Convertible Income Fund (NYSE:NIE) Sees Large Drop in Short Interest

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the target of a significant drop in short interest in September. As of September 30th, there was short interest totaling 26,034 shares, a drop of 47.7% from the September 15th total of 49,768 shares. Based on an average daily trading volume, of 80,954 shares, the days-to-cover ratio is currently 0.3 days.

Virtus Equity & Convertible Income Fund Stock Performance

Shares of NIE traded down $0.24 during mid-day trading on Wednesday, hitting $25.45. The company’s stock had a trading volume of 18,833 shares, compared to its average volume of 65,419. Virtus Equity & Convertible Income Fund has a fifty-two week low of $22.78 and a fifty-two week high of $27.24. The firm has a 50-day moving average price of $25.77 and a 200 day moving average price of $25.89.

Virtus Equity & Convertible Income Fund Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Monday, September 14th were given a dividend of $0.58 per share. The ex-dividend date of this dividend was Monday, September 14th. This represents a $2.32 dividend on an annualized basis and a dividend yield of 9.1%.

Hedge Funds Weigh In On Virtus Equity & Convertible Income Fund

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Graves Light Lenhart Wealth Inc. purchased a new position in Virtus Equity & Convertible Income Fund during the 2nd quarter valued at about $211,000. Fifth Third Bancorp acquired a new position in shares of Virtus Equity & Convertible Income Fund during the 1st quarter valued at about $189,000. Silverlake Wealth Management LLC bought a new position in shares of Virtus Equity & Convertible Income Fund in the 2nd quarter valued at approximately $219,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its stake in shares of Virtus Equity & Convertible Income Fund by 9.3% in the 2nd quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 9,362 shares of the company’s stock valued at $251,000 after acquiring an additional 794 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of Virtus Equity & Convertible Income Fund in the 2nd quarter valued at approximately $318,000.

About Virtus Equity & Convertible Income Fund

Virtus Equity & Convertible Income Fund is a closed-end investment fund listed on the New York Stock Exchange under the ticker symbol NIE. The fund seeks to provide investors with current income and long-term capital appreciation through a managed portfolio of equity securities and convertible securities.

The fund invests in common stocks and other equity-related securities, as well as convertible bonds and preferred securities. Convertible investments may provide income while also offering the potential to participate in the appreciation of the underlying company’s common stock.