Advent Convertible and Income Fund (NYSE:AVK) Share Price Crosses Below 200-Day Moving Average – Time to Sell?

Advent Convertible and Income Fund (NYSE:AVK) shares passed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $12.02 and traded as low as $11.72. Advent Convertible and Income Fund shares last traded at $11.77, with a volume of 149,495 shares changing hands.

Advent Convertible and Income Fund Stock Performance

The company has a 50 day moving average of $11.85 and a 200-day moving average of $12.02.

Advent Convertible and Income Fund Increases Dividend

The business also recently disclosed a dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were issued a dividend of $0.1172 per share. This is a positive change from Advent Convertible and Income Fund’s previous dividend of $0.09. The ex-dividend date of this dividend was Friday, December 13th.

Insider Buying and Selling

In related news, CEO Tracy V. Maitland acquired 13,179 shares of the company’s stock in a transaction that occurred on Thursday, October 17th. The shares were acquired at an average price of $11.28 per share, with a total value of $148,659.12. Following the acquisition, the chief executive officer now owns 45,449 shares of the company’s stock, valued at approximately $512,664.72. This trade represents a 40.84 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Randall C. Barnes purchased 3,785 shares of the company’s stock in a transaction on Thursday, October 17th. The shares were purchased at an average cost of $11.28 per share, with a total value of $42,694.80. Following the transaction, the insider now directly owns 15,140 shares in the company, valued at $170,779.20. This trade represents a 33.33 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 19,264 shares of company stock valued at $217,298 over the last quarter.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Penserra Capital Management LLC acquired a new stake in Advent Convertible and Income Fund in the 3rd quarter worth about $11,695,000. Arete Wealth Advisors LLC boosted its stake in shares of Advent Convertible and Income Fund by 105.6% during the 3rd quarter. Arete Wealth Advisors LLC now owns 600,039 shares of the investment management company’s stock worth $7,044,000 after acquiring an additional 308,255 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in Advent Convertible and Income Fund by 28.5% in the 3rd quarter. Advisors Asset Management Inc. now owns 492,836 shares of the investment management company’s stock valued at $5,786,000 after purchasing an additional 109,395 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Advent Convertible and Income Fund in the 2nd quarter worth $581,000. Finally, Shaker Financial Services LLC acquired a new position in Advent Convertible and Income Fund in the 3rd quarter worth $488,000.

Advent Convertible and Income Fund Company Profile

Advent Claymore Convertible Securities and Income Fund is a closed-ended fixed income mutual fund launched and managed by Advent Capital Management, LLC. The fund primarily invests in the fixed income markets of the United States. It seeks to invest in securities of companies operating across the diversified sectors.