Gabelli Convertible & Income Securities Fund (NYSE:GCV) Stock Crosses Above 50-Day Moving Average - What's Next?

Key Points

• Gabelli Convertible & Income Securities Fund stock recently crossed above its 50-day moving average of $3.92, reaching a high of $4.09 during trading.
• The company declared a quarterly dividend of $0.12, marking an increase from the previous $0.03 dividend, and provides a yield of 11.8%.
• Several institutional investors significantly increased their stakes in the fund, with 23.40% of the stock now owned by these entities.

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV - )'s stock price crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $3.92 and traded as high as $4.09. Gabelli Convertible & Income Securities Fund shares last traded at $4.06, with a volume of 87,854 shares traded.

Gabelli Convertible & Income Securities Fund Stock Performance

The company's 50-day moving average price is $3.92 and its 200-day moving average price is $3.76.

Gabelli Convertible & Income Securities Fund Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 16th will be given a $0.12 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.48 annualized dividend and a yield of 11.8%. This is a boost from Gabelli Convertible & Income Securities Fund's previous quarterly dividend of $0.03.

Insider Buying and Selling at Gabelli Convertible & Income Securities Fund

In related news, Director Thomas H. Dinsmore acquired 25,000 shares of Gabelli Convertible & Income Securities Fund stock in a transaction dated Thursday, June 26th. The shares were acquired at an average cost of $10.00 per share, for a total transaction of $250,000.00. Following the completion of the purchase, the director owned 25,000 shares in the company, valued at approximately $250,000. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.73% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GCV. LPL Financial LLC boosted its stake in shares of Gabelli Convertible & Income Securities Fund by 1.4% in the 1st quarter. LPL Financial LLC now owns 687,166 shares of the investment management company's stock valued at $2,567,000 after buying an additional 9,723 shares during the period. Everstar Asset Management LLC lifted its stake 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 during the last quarter. PFG Advisors grew its holdings in Gabelli Convertible & Income Securities Fund by 44.1% during the 2nd 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 in the last quarter. Cetera Investment Advisers increased its position in shares of 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 valued at $229,000 after purchasing an additional 32,355 shares during the last quarter. Finally, Mallini Complete Financial Planning LLC increased its position in shares of Gabelli Convertible & Income Securities Fund by 17.9% in the 2nd quarter. Mallini Complete Financial Planning LLC now owns 53,337 shares of the investment management company's stock valued at $204,000 after purchasing an additional 8,093 shares during the last quarter. 23.40% of the stock is owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.