Shaker Financial Services LLC Makes New Investment in The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV)

Shaker Financial Services LLC bought a new position in The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) in the 3rd quarter, Holdings Channel reports. The firm bought 14,109 shares of the investment management company’s stock, valued at approximately $52,000.

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

The Gabelli Convertible and Income Securities Fund Stock Performance

Shares of NYSE GCV opened at $3.82 on Friday. The Gabelli Convertible and Income Securities Fund Inc. has a 1-year low of $3.33 and a 1-year high of $4.34. The business has a fifty day moving average price of $3.82 and a 200 day moving average price of $3.71.

The Gabelli Convertible and Income Securities Fund Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Shareholders of record on Monday, September 16th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 12.57%. The ex-dividend date of this dividend was Monday, September 16th.

Insider Activity

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 shares were sold at an average price of $4.00, for a total transaction of $32,000.00. Following the completion of the transaction, the insider now owns 1,092,000 shares in the company, valued at $4,368,000. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In the last ninety days, insiders have sold 12,669 shares of company stock worth $49,549. Corporate insiders own 0.72% 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.