Advent Convertible and Income Fund (NYSE:AVK) Stock Passes Above 50 Day Moving Average – Here’s What Happened

Advent Convertible and Income Fund (NYSE:AVK)’s share price crossed above its fifty day moving average during trading on Tuesday . The stock has a fifty day moving average of $12.07 and traded as high as $12.36. Advent Convertible and Income Fund shares last traded at $12.26, with a volume of 155,003 shares changing hands.

Advent Convertible and Income Fund Price Performance

The firm has a 50-day moving average price of $12.07 and a two-hundred day moving average price of $12.02.

Advent Convertible and Income Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be issued a $0.1172 dividend. The ex-dividend date is Friday, February 14th. This represents a $1.41 dividend on an annualized basis and a yield of 11.48%.

Institutional Trading of Advent Convertible and Income Fund

Several hedge funds have recently made changes to their positions in AVK. Raymond James Financial Inc. acquired a new position in Advent Convertible and Income Fund in the fourth quarter valued at approximately $13,713,000. Penserra Capital Management LLC acquired a new position in shares of Advent Convertible and Income Fund in the 3rd quarter valued at $11,695,000. Absolute Investment Advisers LLC purchased a new position in shares of Advent Convertible and Income Fund during the 4th quarter worth $9,384,000. Advisors Asset Management Inc. increased its position in shares of Advent Convertible and Income Fund by 22.3% during the 4th quarter. Advisors Asset Management Inc. now owns 602,548 shares of the investment management company’s stock worth $7,092,000 after purchasing an additional 109,712 shares during the last quarter. Finally, Arete Wealth Advisors LLC lifted its position in Advent Convertible and Income Fund by 105.6% in the third quarter. Arete Wealth Advisors LLC now owns 600,039 shares of the investment management company’s stock valued at $7,044,000 after buying an additional 308,255 shares during the last quarter.

Advent Convertible and Income Fund Company Profile

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.