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 significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 66,600 shares, a growth of 58.9% from the February 28th total of 41,900 shares. Currently, 0.3% of the shares of the company are short sold. Based on an average trading volume of 42,300 shares, the short-interest ratio is presently 1.6 days.

The Gabelli Convertible and Income Securities Fund Price Performance

Shares of NYSE GCV traded down $0.07 during trading hours on Monday, reaching $3.73. 58,533 shares of the stock were exchanged, compared to its average volume of 40,191. The Gabelli Convertible and Income Securities Fund has a 52 week low of $3.35 and a 52 week high of $4.34. The stock’s fifty day simple moving average is $3.86 and its 200 day simple moving average is $3.84.

The Gabelli Convertible and Income Securities Fund Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Monday, March 17th were issued a dividend of $0.12 per share. The ex-dividend date was Monday, March 17th. This represents a $0.48 annualized dividend and a dividend yield of 12.85%.

Institutional Investors Weigh In On The Gabelli Convertible and Income Securities Fund

Large investors have recently added to or reduced their stakes in the stock. Cetera Investment Advisers acquired a new position in shares of The Gabelli Convertible and Income Securities Fund in the 4th quarter valued at approximately $110,000. GABELLI & Co INVESTMENT ADVISERS INC. boosted its holdings in shares of The Gabelli Convertible and Income Securities Fund by 1,857.3% in the 4th quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 344,000 shares of the investment management company’s stock valued at $1,311,000 after purchasing an additional 326,425 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of The Gabelli Convertible and Income Securities Fund in the 4th quarter valued at $83,000. Arete Wealth Advisors LLC bought a new position in shares of The Gabelli Convertible and Income Securities Fund in the 4th quarter valued at $57,000. Finally, PFG Advisors raised its holdings in shares of The Gabelli Convertible and Income Securities Fund by 4.7% during the 4th quarter. PFG Advisors now owns 82,789 shares of the investment management company’s stock worth $315,000 after buying an additional 3,739 shares in the last quarter. Institutional investors and hedge funds 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.