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 trading volume of 57,500 shares, the days-to-cover ratio is presently 0.1 days.

The Gabelli Convertible and Income Securities Fund Stock Up 0.3 %

Shares of NYSE GCV traded up $0.01 during trading on Friday, reaching $3.81. 47,670 shares of the stock traded hands, compared to its average volume of 47,541. The Gabelli Convertible and Income Securities Fund has a 52-week low of $3.33 and a 52-week high of $4.34. The company has a 50-day moving average of $3.79 and a 200-day moving average of $3.73.

The Gabelli Convertible and Income Securities Fund Dividend Announcement

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

Insiders Place Their Bets

In related news, insider Mario J. Gabelli sold 8,000 shares of The Gabelli Convertible and Income Securities Fund stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $4.00, for a total value of $32,000.00. Following the sale, the insider now owns 1,092,000 shares of the company’s stock, valued at approximately $4,368,000. The trade was a 0.73 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders have sold 12,669 shares of company stock valued at $49,549 in the last three months. 0.78% of the stock is currently owned by insiders.

Institutional Trading of The Gabelli Convertible and Income Securities Fund

Several hedge funds and other institutional investors have recently modified their holdings of the business. M&R Capital Management Inc. lifted its holdings in The Gabelli Convertible and Income Securities Fund by 316.9% during the 3rd quarter. M&R Capital Management Inc. now owns 7,767 shares of the investment management company’s stock worth $29,000 after purchasing an additional 5,904 shares in the last quarter. Wolverine Asset Management LLC purchased a new position in The Gabelli Convertible and Income Securities Fund during the third quarter valued at approximately $39,000. Shaker Financial Services LLC bought a new stake in The Gabelli Convertible and Income Securities Fund during the 3rd quarter worth approximately $52,000. Janney Montgomery Scott LLC lifted its stake in The Gabelli Convertible and Income Securities Fund by 91.7% in 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 in the last quarter. Finally, Cornerstone Advisors LLC grew 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 valued at $95,000 after purchasing an additional 8,897 shares in the last quarter. Institutional investors own 23.40% of the company’s stock.

About The Gabelli Convertible and Income Securities Fund

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.