Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) Short Interest Down 58.5% in August

Key Points

• Gabelli Convertible & Income Securities Fund Inc. experienced a significant 58.5% decrease in short interest, dropping from 57,400 shares to 23,800 shares in August.
• The fund announced a quarterly dividend increase from $0.03 to $0.12 per share, with an ex-dividend date of September 16th, indicating a strong dividend yield of 11.8%.
• Institutional investors have increased their stakes in the fund significantly, with multiple firms growing their holdings by up to 112% in recent quarters.

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV - Get Free Report) was the recipient of a large decline in short interest during the month of August. As of August 15th, there was short interest totaling 23,800 shares, adeclineof58.5% from the July 31st total of 57,400 shares. Based on an average daily trading volume, of 59,200 shares, the short-interest ratio is currently 0.4 days. Based on an average daily trading volume, of 59,200 shares, the short-interest ratio is currently 0.4 days.

Gabelli Convertible & Income Securities Fund Trading Up 0.8%

Shares of NYSE GCV traded up $0.03 during trading on Monday, reaching $4.09. The company had a trading volume of 57,236 shares, compared to its average volume of 51,291. The company's fifty day moving average price is $3.93 and its 200-day moving average price is $3.77. Gabelli Convertible & Income Securities Fund has a 12 month low of $3.01 and a 12 month high of $4.34.

Gabelli Convertible & Income Securities Fund Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 16th will be paid a dividend of $0.12 per share. This is an increase from Gabelli Convertible & Income Securities Fund's previous quarterly dividend of $0.03. This represents a $0.48 annualized dividend and a yield of 11.7%. The ex-dividend date of this dividend is Tuesday, September 16th.

Insider Activity at Gabelli Convertible & Income Securities Fund

In related news, Director Thomas H. Dinsmore purchased 25,000 shares of Gabelli Convertible & Income Securities Fund stock in a transaction on Thursday, June 26th. The shares were purchased at an average price of $10.00 per share, for a total transaction of $250,000.00. Following the transaction, the director owned 25,000 shares of the company's stock, valued at approximately $250,000. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.73% of the company's stock.

Institutional Investors Weigh In On Gabelli Convertible & Income Securities Fund

Several large investors have recently added to or reduced their stakes in GCV. World Investment Advisors acquired a new stake in Gabelli Convertible & Income Securities Fund during the second quarter worth approximately $188,000. Arlington Capital Management Inc. acquired a new stake in Gabelli Convertible & Income Securities Fund during the second quarter worth approximately $161,000. PFG Advisors grew its stake in Gabelli Convertible & Income Securities Fund by 44.1% during the second quarter. PFG Advisors now owns 134,611 shares of the investment management company's stock worth $516,000 after purchasing an additional 41,190 shares during the period. Wolverine Asset Management LLC acquired a new stake in Gabelli Convertible & Income Securities Fund during the second quarter worth approximately $148,000. Finally, Everstar Asset Management LLC boosted its holdings in Gabelli Convertible & Income Securities Fund by 20.4% in the second quarter. Everstar Asset Management LLC now owns 207,058 shares of the investment management company's stock worth $793,000 after acquiring an additional 35,143 shares in the last quarter. Institutional investors and hedge funds own 23.40% of the company's stock.

About Gabelli Convertible & 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.