Gabelli Convertible & Income Securities Fund (NYSE:GCV) Shares Cross Above 50 Day Moving Average - Time to Sell?

Key Points

• The Gabelli Convertible & Income Securities Fund's share price recently crossed above its 50-day moving average, indicating potential upward momentum, trading at $3.99 against a moving average of $3.85.
• Investors received a quarterly dividend of $0.12 per share, representing a 12.0% yield on an annualized basis.
• Director Thomas H. Dinsmore made a significant acquisition of 25,000 shares at an average cost of $10.00 per share, increasing his position in the fund substantially.

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV - )'s share price passed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $3.85 and traded as high as $4.00. Gabelli Convertible & Income Securities Fund shares last traded at $3.99, with a volume of 82,958 shares traded.

Gabelli Convertible & Income Securities Fund Price Performance

The stock's 50-day moving average is $3.85 and its two-hundred day moving average is $3.75.

Gabelli Convertible & Income Securities Fund Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 13th were given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 12.0%. The ex-dividend date of this dividend was Friday, June 13th.

Insiders Place Their Bets

In other news, Director Thomas H. Dinsmore acquired 25,000 shares of Gabelli Convertible & Income Securities Fund stock in a transaction that occurred on Thursday, June 26th. The shares were bought at an average cost of $10.00 per share, with a total value of $250,000.00. Following the transaction, the director directly owned 25,000 shares of the company's stock, valued at $250,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.78% of the stock is owned by company insiders.

Institutional Trading of Gabelli Convertible & Income Securities Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GCV. World Investment Advisors purchased a new position in shares of Gabelli Convertible & Income Securities Fund during the second quarter worth approximately $188,000. Arlington Capital Management Inc. purchased a new position in shares of Gabelli Convertible & Income Securities Fund during the second quarter worth approximately $161,000. PFG Advisors increased its position in shares of 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 acquiring an additional 41,190 shares during the period. Wolverine Asset Management LLC purchased a new position in shares of Gabelli Convertible & Income Securities Fund during the second quarter worth approximately $148,000. Finally, Everstar Asset Management LLC increased its position in shares of Gabelli Convertible & Income Securities Fund by 20.4% during 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 during the period. 23.40% of the stock is owned by hedge funds and other institutional investors.

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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