The Gabelli Convertible and Income Securities Fund (NYSE:GCV) Share Price Crosses Below 200 Day Moving Average – Should You Sell?

The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $3.70 and traded as low as $3.67. The Gabelli Convertible and Income Securities Fund shares last traded at $3.69, with a volume of 22,830 shares trading hands.

The Gabelli Convertible and Income Securities Fund Stock Performance

The firm’s 50 day moving average is $3.82 and its 200-day moving average is $3.70.

The Gabelli Convertible and Income Securities Fund Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Monday, September 16th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.48 annualized dividend and a yield of 12.89%.

Insider Activity at The Gabelli Convertible and Income Securities Fund

In related news, insider Mario J. Gabelli sold 8,000 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $4.00, for a total transaction of $32,000.00. Following the completion of the sale, the insider now owns 1,092,000 shares of the company’s stock, valued at approximately $4,368,000. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last quarter, insiders sold 14,093 shares of company stock valued at $54,846. Corporate insiders own 0.78% of the company’s stock.

Institutional Trading of The Gabelli Convertible and Income Securities Fund

Hedge funds have recently made changes to their positions in the company. M&R Capital Management Inc. grew its stake in shares of The Gabelli Convertible and Income Securities Fund by 316.9% in the 3rd quarter. M&R Capital Management Inc. now owns 7,767 shares of the investment management company’s stock valued at $29,000 after buying an additional 5,904 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of The Gabelli Convertible and Income Securities Fund by 91.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 24,248 shares of the investment management company’s stock worth $90,000 after purchasing an additional 11,597 shares during the period. Cornerstone Advisors LLC boosted its position in shares of The Gabelli Convertible and Income Securities Fund by 53.0% during the 1st quarter. Cornerstone Advisors LLC now owns 25,697 shares of the investment management company’s stock worth $95,000 after purchasing an additional 8,897 shares during the period. Hoylecohen LLC purchased a new position in shares of The Gabelli Convertible and Income Securities Fund during the 2nd quarter worth approximately $128,000. Finally, PFG Advisors boosted its position in shares of The Gabelli Convertible and Income Securities Fund by 3.8% during the 1st quarter. PFG Advisors now owns 87,262 shares of the investment management company’s stock worth $324,000 after purchasing an additional 3,185 shares during the period. Hedge funds and other institutional investors own 23.40% of the company’s stock.

The Gabelli Convertible and Income Securities Fund Company Profile

The Gabelli Convertible and Income Securities Fund Inc is a closed-ended balanced mutual fund launched by GAMCO Investors, Inc The fund is managed by Gabelli Funds, LLC. It invests in public equity and fixed income markets. The fund seeks to invest in stocks of companies operating across diversified sectors.