Gabelli Convertible & Income Securities Fund (NYSE:GCV) Share Price Passes Above Fifty Day Moving Average - Should You Sell?

Key Points

• The Gabelli Convertible & Income Securities Fund's stock price recently crossed above its 50-day moving average of $3.98, trading as high as $4.13 with a current price of $4.10.
• The fund announced a significant increase in its quarterly dividend from $0.03 to $0.12 per share, representing a notable annualized yield of 11.7%.
• Institutional interest in the fund is growing, with various hedge funds acquiring new positions, bringing the total institutional ownership to 23.40%.

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV - Get Free Report)'s share price crossed above its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $3.98 and traded as high as $4.13. Gabelli Convertible & Income Securities Fund shares last traded at $4.10, with a volume of 53,052 shares traded.

Gabelli Convertible & Income Securities Fund Stock Performance

The business has a 50-day moving average of $3.99 and a 200 day moving average of $3.78.

Gabelli Convertible & Income Securities Fund Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 16th will be paid a dividend of $0.12 per share. This is a boost 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 dividend yield of 11.7%. The ex-dividend date is Tuesday, September 16th.

Insider Activity 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 on Thursday, June 26th. The shares were bought at an average price of $10.00 per share, for a total transaction of $250,000.00. Following the completion of the purchase, the director directly owned 25,000 shares in the company, valued at $250,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.78% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Tactive Advisors LLC acquired a new stake in Gabelli Convertible & Income Securities Fund during the second quarter valued at approximately $52,000. Everstar Asset Management LLC raised its stake in 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 valued at $793,000 after buying an additional 35,143 shares in the last quarter. Cornerstone Advisors LLC raised its stake in Gabelli Convertible & Income Securities Fund by 92.2% during the second quarter. Cornerstone Advisors LLC now owns 17,946 shares of the investment management company's stock valued at $69,000 after buying an additional 8,609 shares in the last quarter. PFG Advisors raised its stake in 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 valued at $516,000 after buying an additional 41,190 shares in the last quarter. Finally, Shaker Financial Services LLC acquired a new stake in Gabelli Convertible & Income Securities Fund during the second quarter valued at approximately $40,000. Institutional investors and hedge funds own 23.40% of the company's stock.

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.