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

Virtus Convertible & Income Fund (NYSE:NCV) was the recipient of a large decline in short interest in the month of February. As of February 15th, there was short interest totalling 7,900 shares, a decline of 86.9% from the January 31st total of 60,500 shares. Based on an average daily volume of 141,300 shares, the days-to-cover ratio is currently 0.1 days.

Virtus Convertible & Income Fund Stock Performance

Shares of NYSE NCV traded down $0.23 during trading hours on Thursday, hitting $13.53. 96,680 shares of the company traded hands, compared to its average volume of 145,118. The company’s 50 day moving average price is $14.11 and its 200 day moving average price is $14.04. Virtus Convertible & Income Fund has a 12 month low of $12.06 and a 12 month high of $14.92.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Sequoia Financial Advisors LLC bought a new stake in shares of Virtus Convertible & Income Fund in the 3rd quarter worth about $35,000. International Assets Investment Management LLC lifted its stake in Virtus Convertible & Income Fund by 250.0% in the third quarter. International Assets Investment Management LLC now owns 8,442 shares of the investment management company’s stock worth $30,000 after purchasing an additional 6,030 shares during the last quarter. Fortitude Family Office LLC boosted its position in shares of Virtus Convertible & Income Fund by 33.9% during the third quarter. Fortitude Family Office LLC now owns 13,387 shares of the investment management company’s stock valued at $47,000 after buying an additional 3,387 shares during the period. William Howard & Co Financial Advisors Inc bought a new position in shares of Virtus Convertible & Income Fund during the third quarter valued at approximately $94,000. Finally, Thrivent Financial for Lutherans raised its holdings in shares of Virtus Convertible & Income Fund by 61.1% in the third quarter. Thrivent Financial for Lutherans now owns 158,200 shares of the investment management company’s stock worth $554,000 after buying an additional 60,000 shares during the period.

Virtus Convertible & Income Fund Company Profile

Virtus Convertible & Income Fund is a closed ended fixed income 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 fixed income markets of the United States. The fund primarily invests in convertible securities and non-convertible high-yield bonds rated below investment grade.