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

Key Points

• GCV briefly crossed above its 50-day moving average (50-day = $4.43; intraday high $4.45) but shares last traded at $4.3250 and were reported down about 2.8%, with the 200-day MA at $4.29.
• The fund paid a quarterly dividend of $0.12 (record date Mar 17, paid Mar 24), implying an annualized $0.48 payout and a ~11.1% dividend yield.
• Institutional investors own 23.4% of GCV, with several small advisory firms recently initiating or adding positions and one firm (Shaker Financial) increasing its stake by 161.4% to 27,426 shares.

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV - Get Free Report)'s share price passed above its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $4.43 and traded as high as $4.45. Gabelli Convertible & Income Securities Fund shares last traded at $4.3250, with a volume of 27,892 shares trading hands.

Gabelli Convertible & Income Securities Fund Stock Down 2.8%

The firm has a fifty day simple moving average of $4.43 and a 200-day simple moving average of $4.29.

Gabelli Convertible & Income Securities Fund Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 24th. Investors of record on Tuesday, March 17th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 11.1%. The ex-dividend date was Tuesday, March 17th.

Institutional Trading of Gabelli Convertible & Income Securities Fund

Hedge funds and other institutional investors have recently bought and sold shares of the business. Integrity Advisory Solutions LLC acquired a new position in Gabelli Convertible & Income Securities Fund during the fourth quarter worth $48,000. Tactive Advisors LLC acquired a new position in shares of Gabelli Convertible & Income Securities Fund during the second quarter valued at about $52,000. PMG Family Office LLC bought a new stake in shares of Gabelli Convertible & Income Securities Fund during the third quarter worth about $57,000. Fisher Asset Management LLC bought a new stake in shares of Gabelli Convertible & Income Securities Fund during the third quarter worth about $59,000. Finally, Shaker Financial Services LLC raised its holdings in shares of Gabelli Convertible & Income Securities Fund by 161.4% in the 3rd quarter. Shaker Financial Services LLC now owns 27,426 shares of the investment management company's stock worth $113,000 after acquiring an additional 16,933 shares during the last quarter. Institutional investors own 23.40% of the company's stock.

About Gabelli Convertible & Income Securities Fund

Gabelli Convertible & Income Securities Fund NYSE: GCV is a closed-end management investment company that seeks to provide current income and capital appreciation by investing primarily in convertible securities and other fixed-income instruments. The fund's portfolio typically includes convertible corporate bonds, preferred stocks, and equities of companies that offer the potential for both income generation and price appreciation through embedded option features.

The fund pursues a strategy that combines credit analysis with equity valuation to identify convertible securities that offer attractive yields relative to their risk profiles.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.