Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) Short Interest Update

Key Points

• Short interest in Gabelli Convertible & Income Securities Fund (NYSE:GCV) decreased by 73.1% in August, dropping to 6,400 shares, resulting in a short-interest ratio of 0.1 days.
• Director Thomas H. Dinsmore purchased 25,000 shares at $10.00 each, raising his ownership stake significantly, although insiders own just 0.78% of the stock.
• The fund's quarterly dividend was increased from $0.03 to $0.12, resulting in an annualized yield of 11.5%, with the payment scheduled for September 23rd.

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV - ) was the target of a significant decrease in short interest during the month of August. As of August 31st, there was short interest totaling 6,400 shares, a decrease of 73.1% from the August 15th total of 23,800 shares. Based on an average daily trading volume, of 62,700 shares, the short-interest ratio is presently 0.1 days. Approximately 0.0% of the shares of the company are sold short. Approximately 0.0% of the shares of the company are sold short. Based on an average daily trading volume, of 62,700 shares, the short-interest ratio is presently 0.1 days.

Insider Activity at Gabelli Convertible & Income Securities Fund

In other Gabelli Convertible & Income Securities Fund news, Director Thomas H. Dinsmore bought 25,000 shares of Gabelli Convertible & Income Securities Fund stock in a transaction dated Thursday, June 26th. The stock was acquired 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 owned 25,000 shares of the company's stock, valued at approximately $250,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.78% of the company's stock.

Institutional Trading of Gabelli Convertible & Income Securities Fund

Hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. purchased a new stake in Gabelli Convertible & Income Securities Fund during the 1st quarter worth $38,000. Shaker Financial Services LLC acquired a new position in Gabelli Convertible & Income Securities Fund during the 2nd quarter valued at about $40,000. Tactive Advisors LLC acquired a new position in Gabelli Convertible & Income Securities Fund during the 2nd quarter valued at about $52,000. Cornerstone Advisors LLC boosted its stake in Gabelli Convertible & Income Securities Fund by 92.2% during the 2nd quarter. Cornerstone Advisors LLC now owns 17,946 shares of the investment management company's stock valued at $69,000 after purchasing an additional 8,609 shares during the period. Finally, Cetera Investment Advisers acquired a new position in Gabelli Convertible & Income Securities Fund during the 4th quarter valued at about $110,000. Institutional investors and hedge funds own 23.40% of the company's stock.

Gabelli Convertible & Income Securities Fund Price Performance

NYSE:GCV traded up $0.02 during mid-day trading on Friday, reaching $4.16. The stock had a trading volume of 19,951 shares, compared to its average volume of 52,408. Gabelli Convertible & Income Securities Fund has a twelve month low of $3.01 and a twelve month high of $4.18. The business 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 Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 16th will be given a $0.12 dividend. The ex-dividend date 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 yield of 11.5%.

Gabelli Convertible & Income Securities Fund Company 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.

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