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

Key Points

• Gabelli Convertible & Income Securities Fund (NYSE:GCV) experienced a 65.6% increase in short interest in September, rising from 6,400 to 10,600 shares.
• Institutional investors own approximately 23.40% of the company's stock, with Cetera Investment Advisers increasing its position by 112% in the first quarter.
• The fund declared a quarterly dividend of $0.12 per share, raising the annualized dividend yield to 11.3% from the previous $0.03 per share.

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV - ) saw a significant increase in short interest in the month of September. As of September 15th, there was short interest totaling 10,600 shares, an increase of 65.6% from the August 31st total of 6,400 shares. Based on an average daily volume of 71,700 shares, the short-interest ratio is presently 0.1 days. Based on an average daily volume of 71,700 shares, the short-interest ratio is presently 0.1 days.

Institutional Trading of Gabelli Convertible & Income Securities Fund

Hedge funds have recently modified their holdings of the stock. Cetera Investment Advisers grew its position in Gabelli Convertible & Income Securities Fund by 112.0% in the 1st quarter. Cetera Investment Advisers now owns 61,250 shares of the investment management company's stock worth $229,000 after purchasing an additional 32,355 shares in the last quarter. LPL Financial LLC raised its stake in shares of Gabelli Convertible & Income Securities Fund by 1.4% during the first quarter. LPL Financial LLC now owns 687,166 shares of the investment management company's stock worth $2,567,000 after acquiring an additional 9,723 shares in the last quarter. Arlington Capital Management Inc. purchased a new position in shares of Gabelli Convertible & Income Securities Fund in the second quarter valued at about $161,000. PNC Financial Services Group Inc. bought a new position in Gabelli Convertible & Income Securities Fund in the 1st quarter worth $38,000. Finally, Tactive Advisors LLC bought a new stake in Gabelli Convertible & Income Securities Fund during the second quarter worth about $52,000. 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 Monday, hitting $4.26. The stock had a trading volume of 106,232 shares, compared to its average volume of 132,119. The business's 50-day simple moving average is $4.05 and its 200-day simple moving average is $3.81. Gabelli Convertible & Income Securities Fund has a 12 month low of $3.01 and a 12 month high of $4.28.

Gabelli Convertible & Income Securities Fund Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 16th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 11.3%. The ex-dividend date was Tuesday, September 16th. This is a positive change from Gabelli Convertible & Income Securities Fund's previous quarterly dividend of $0.03.

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.

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