The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) Sees Significant Growth in Short Interest

The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 6,700 shares, a growth of 21.8% from the October 15th total of 5,500 shares. Based on an average daily trading volume, of 57,500 shares, the short-interest ratio is presently 0.1 days.

The Gabelli Convertible and Income Securities Fund Trading Up 0.3 %

Shares of GCV stock traded up $0.01 during trading hours on Friday, hitting $3.81. 47,670 shares of the company’s stock were exchanged, compared to its average volume of 47,541. The Gabelli Convertible and Income Securities Fund has a 12-month low of $3.33 and a 12-month high of $4.34. The business’s 50 day simple moving average is $3.79 and its 200-day simple moving average is $3.73.

The Gabelli Convertible and Income Securities Fund Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 13th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 12.60%. The ex-dividend date is Friday, December 13th.

Insider Transactions at The Gabelli Convertible and Income Securities Fund

In related news, insider Mario J. Gabelli sold 8,000 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $4.00, for a total value of $32,000.00. Following the completion of the sale, the insider now owns 1,092,000 shares in the company, valued at $4,368,000. The trade was a 0.73 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold 12,669 shares of company stock valued at $49,549 in the last quarter. Insiders own 0.78% of the company’s stock.

Institutional Trading of The Gabelli Convertible and Income Securities Fund

Institutional investors have recently added to or reduced their stakes in the business. Hoylecohen LLC bought a new stake in shares of The Gabelli Convertible and Income Securities Fund in the 2nd quarter valued at about $128,000. Shaker Financial Services LLC bought a new stake in The Gabelli Convertible and Income Securities Fund in the third quarter valued at approximately $52,000. Janney Montgomery Scott LLC boosted its stake in shares of The Gabelli Convertible and Income Securities Fund by 91.7% during the first quarter. Janney Montgomery Scott LLC now owns 24,248 shares of the investment management company’s stock valued at $90,000 after purchasing an additional 11,597 shares during the period. Wolverine Asset Management LLC purchased a new stake in shares of The Gabelli Convertible and Income Securities Fund during the third quarter valued at approximately $39,000. Finally, Cornerstone Advisors LLC grew its holdings in shares of The Gabelli Convertible and Income Securities Fund by 53.0% in the first 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 last quarter. 23.40% of the stock is currently owned by hedge funds and other institutional investors.

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.