Advent Convertible and Income Fund (NYSE:AVK) Stock Price Passes Below 200-Day Moving Average – Here’s Why

Advent Convertible and Income Fund (NYSE:AVK) passed below its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $12.02 and traded as low as $11.60. Advent Convertible and Income Fund shares last traded at $11.75, with a volume of 240,798 shares changing hands.

Advent Convertible and Income Fund Trading Down 0.4 %

The firm’s 50-day moving average price is $11.94 and its 200-day moving average price is $12.02.

Advent Convertible and Income Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 15th will be given a dividend of $0.1172 per share. This represents a $1.41 annualized dividend and a dividend yield of 11.97%. The ex-dividend date of this dividend is Wednesday, January 15th.

Insider Activity

In other news, VP Tony Huang purchased 2,300 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The shares were bought at an average cost of $11.28 per share, for a total transaction of $25,944.00. Following the acquisition, the vice president now owns 9,400 shares of the company’s stock, valued at approximately $106,032. This trade represents a 32.39 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Randall C. Barnes purchased 3,785 shares of the business’s stock in a transaction that occurred on Thursday, October 17th. The shares were purchased at an average price of $11.28 per share, for a total transaction of $42,694.80. Following the completion of the acquisition, the insider now directly owns 15,140 shares in the company, valued at $170,779.20. The trade was a 33.33 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 19,264 shares of company stock worth $217,298.

Hedge Funds Weigh In On Advent Convertible and Income Fund

A number of hedge funds have recently added to or reduced their stakes in AVK. Choreo LLC bought a new position in Advent Convertible and Income Fund in the 2nd quarter worth about $206,000. Trust Investment Advisors bought a new position in Advent Convertible and Income Fund in the 2nd quarter worth about $133,000. Sanctuary Advisors LLC bought a new position in Advent Convertible and Income Fund in the 2nd quarter worth about $581,000. Capital Investment Advisors LLC bought a new position in Advent Convertible and Income Fund in the 3rd quarter worth about $119,000. Finally, Calton & Associates Inc. bought a new position in shares of Advent Convertible and Income Fund during the third quarter valued at approximately $152,000.

About Advent Convertible and Income Fund

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.