Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) Sees Large Growth in Short Interest

Key Points

• Short interest surged in Gabelli Convertible & Income Securities Fund to 51,876 shares as of June 30, up 1,038.9% from mid-June. Even so, short interest remains low at 0.3% of shares outstanding, with a short-interest ratio of 0.9 days.
• The fund recently paid a quarterly dividend of $0.12 per share, which annualizes to $0.48 and implies a 10.3% yield. The ex-dividend date was June 15, and payment was made on June 23.
• GCV shares were trading around $4.65, near the midpoint of their 52-week range of $3.83 to $4.77. Institutional ownership stands at 23.40%, with several funds recently adding to or initiating positions.

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV - Get Free Report) saw a large increase in short interest in June. As of June 30th, there was short interest totaling 51,876 shares, an increase of 1,038.9% from the June 15th total of 4,555 shares. Based on an average daily volume of 57,917 shares, the short-interest ratio is presently 0.9 days. Currently, 0.3% of the company's stock are short sold.

Institutional Trading of Gabelli Convertible & Income Securities Fund

Several institutional investors and hedge funds have recently bought and sold shares of the business. Integrity Advisory Solutions LLC acquired a new stake in shares of Gabelli Convertible & Income Securities Fund in the fourth quarter valued at approximately $48,000. PMG Family Office LLC acquired a new position in shares of Gabelli Convertible & Income Securities Fund during the 3rd quarter worth approximately $57,000. Citadel Advisors LLC increased its holdings in shares of Gabelli Convertible & Income Securities Fund by 44.6% during the 3rd quarter. Citadel Advisors LLC now owns 30,828 shares of the investment management company's stock worth $127,000 after acquiring an additional 9,506 shares during the last quarter. Susquehanna International Group LLP bought a new stake in Gabelli Convertible & Income Securities Fund in the 3rd quarter valued at $186,000. Finally, Cetera Investment Advisers lifted its holdings in Gabelli Convertible & Income Securities Fund by 4.1% during the 4th quarter. Cetera Investment Advisers now owns 56,831 shares of the investment management company's stock valued at $236,000 after purchasing an additional 2,252 shares during the last quarter. Institutional investors own 23.40% of the company's stock.

Gabelli Convertible & Income Securities Fund Price Performance

Shares of NYSE:GCV traded up $0.01 during midday trading on Friday, hitting $4.65. The stock had a trading volume of 35,104 shares, compared to its average volume of 43,274. Gabelli Convertible & Income Securities Fund has a 12 month low of $3.83 and a 12 month high of $4.77. The business's 50-day simple moving average is $4.60 and its 200-day simple moving average is $4.46.

Gabelli Convertible & Income Securities Fund Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Monday, June 15th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 10.3%. The ex-dividend date was Monday, June 15th.

Gabelli Convertible & Income Securities Fund Company Profile

Gabelli Convertible & Income Securities Fund NYSE: GCV is a closed-end management investment company that seeks to provide current income and capital appreciation by investing primarily in convertible securities and other fixed-income instruments. The fund's portfolio typically includes convertible corporate bonds, preferred stocks, and equities of companies that offer the potential for both income generation and price appreciation through embedded option features.

The fund pursues a strategy that combines credit analysis with equity valuation to identify convertible securities that offer attractive yields relative to their risk profiles.

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