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

Virtus Equity & Convertible Income Fund (NYSE:NIE) saw a significant drop in short interest during the month of October. As of October 15th, there was short interest totalling 31,900 shares, a drop of 26.0% from the September 30th total of 43,100 shares. Based on an average daily volume of 64,700 shares, the days-to-cover ratio is presently 0.5 days.

Virtus Equity & Convertible Income Fund Stock Performance

NIE traded up $0.08 during midday trading on Friday, reaching $23.32. The company’s stock had a trading volume of 43,365 shares, compared to its average volume of 66,605. The company has a fifty day simple moving average of $22.87 and a 200 day simple moving average of $22.64. Virtus Equity & Convertible Income Fund has a twelve month low of $18.61 and a twelve month high of $23.88.

Virtus Equity & Convertible Income Fund Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 26th. Stockholders of record on Friday, September 13th were paid a $0.50 dividend. The ex-dividend date was Friday, September 13th. This represents a $2.00 annualized dividend and a dividend yield of 8.58%.

Hedge Funds Weigh In On Virtus Equity & Convertible Income Fund

A number of institutional investors and hedge funds have recently bought and sold shares of NIE. International Assets Investment Management LLC increased its stake in Virtus Equity & Convertible Income Fund by 2,082.9% during the third quarter. International Assets Investment Management LLC now owns 291,307 shares of the company’s stock valued at $6,703,000 after acquiring an additional 277,962 shares during the period. Advisors Asset Management Inc. increased its position in shares of Virtus Equity & Convertible Income Fund by 16.3% during the first quarter. Advisors Asset Management Inc. now owns 793,170 shares of the company’s stock valued at $17,759,000 after purchasing an additional 110,918 shares during the period. Cornerstone Advisors LLC raised its stake in shares of Virtus Equity & Convertible Income Fund by 79.6% in the first quarter. Cornerstone Advisors LLC now owns 187,603 shares of the company’s stock valued at $4,200,000 after purchasing an additional 83,173 shares in the last quarter. Sanctuary Advisors LLC bought a new position in Virtus Equity & Convertible Income Fund in the second quarter worth $1,772,000. Finally, Rothschild Investment LLC bought a new position in Virtus Equity & Convertible Income Fund in the second quarter worth $689,000.

Virtus Equity & Convertible Income Fund Company Profile

Virtus Equity & Convertible Income Fund is a closed ended equity mutual fund launched and managed by Allianz Global Investors Fund Management LLC. The fund is co-managed by Allianz Global Investors U.S. LLC. It invests in the public equity markets of the United States. The fund invests in stocks of companies operating across diversified sectors.