Everstar Asset Management LLC Sells 69,660 Shares of Gabelli Convertible & Income Securities Fund Inc. $GCV

Key Points

• Everstar Asset Management LLC reduced its stake in Gabelli Convertible & Income Securities Fund by 49.2%, selling 69,660 shares during the first quarter, leaving them with approximately 71,910 shares valued at $269,000.
• The fund has announced a quarterly dividend of $0.12 per share, which is an increase from their previous dividend of $0.03, representing an annualized dividend yield of 11.7%.
• Director Thomas H. Dinsmore bought 25,000 shares of GCV stock for $250,000, reflecting a significant investment in the company.

Everstar Asset Management LLC reduced its position in Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV - Free Report) by 49.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 71,910 shares of the investment management company's stock after selling 69,660 shares during the quarter. Everstar Asset Management LLC owned approximately 0.36% of Gabelli Convertible & Income Securities Fund worth $269,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. PNC Financial Services Group Inc. purchased a new stake in Gabelli Convertible & Income Securities Fund in the first quarter worth $38,000. Raymond James Financial Inc. purchased a new stake in Gabelli Convertible & Income Securities Fund in the fourth quarter worth $83,000. Cetera Investment Advisers purchased a new stake in Gabelli Convertible & Income Securities Fund in the fourth quarter worth $110,000. PFG Advisors increased its position in Gabelli Convertible & Income Securities Fund by 12.8% in the first quarter. PFG Advisors now owns 93,421 shares of the investment management company's stock worth $349,000 after buying an additional 10,632 shares during the last quarter. Finally, LPL Financial LLC increased its position in Gabelli Convertible & Income Securities Fund by 1.4% in the first quarter. LPL Financial LLC now owns 687,166 shares of the investment management company's stock worth $2,567,000 after buying an additional 9,723 shares during the last quarter. 23.40% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Gabelli Convertible & Income Securities Fund

In related news, Director Thomas H. Dinsmore purchased 25,000 shares of the business's stock in a transaction dated Thursday, June 26th. The stock was purchased at an average cost of $10.00 per share, with a total value of $250,000.00. Following the completion of the acquisition, the director directly owned 25,000 shares of the company's stock, valued at approximately $250,000. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 0.73% of the stock is owned by insiders.

Gabelli Convertible & Income Securities Fund Stock Performance

NYSE:GCV traded up $0.06 during trading hours on Friday, reaching $4.20. The stock had a trading volume of 107,105 shares, compared to its average volume of 79,935. The stock has a 50 day simple moving average of $3.96 and a 200 day simple moving average of $3.77. Gabelli Convertible & Income Securities Fund Inc. has a 12-month low of $3.01 and a 12-month high of $4.20.

Gabelli Convertible & Income Securities Fund Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 16th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This is an increase from Gabelli Convertible & Income Securities Fund's previous quarterly dividend of $0.03. This represents a $0.48 dividend on an annualized basis and a dividend yield of 11.4%.

Gabelli Convertible & Income Securities Fund 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.