Gabelli Convertible & Income Securities Fund (NYSE:GCV) Stock Price Crosses Above Fifty Day Moving Average - Here's What Happened

Key Points

• The Gabelli Convertible & Income Securities Fund's stock price crossed above its fifty-day moving average of $3.82, reaching a high of $3.96 during trading.
• The fund recently announced a quarterly dividend of $0.12, resulting in a 12.2% dividend yield, with payment made to shareholders on June 23rd.
• Significant insider trading activity occurred, with Director Thomas H. Dinsmore purchasing 25,000 shares at an average cost of $10.00 per share, indicating strong insider confidence in the stock.

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV - ) shares passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $3.82 and traded as high as $3.96. Gabelli Convertible & Income Securities Fund shares last traded at $3.92, with a volume of 25,197 shares trading hands.

Gabelli Convertible & Income Securities Fund Stock Up 0.8%

The firm's 50 day moving average is $3.82 and its 200-day moving average is $3.75.

Gabelli Convertible & Income Securities Fund Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 13th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 12.2%. The ex-dividend date was Friday, June 13th.

Insiders Place Their Bets

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 stock was bought at an average cost of $10.00 per share, for a total transaction of $250,000.00. Following the completion of the transaction, the director owned 25,000 shares of the company's stock, valued at approximately $250,000. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 0.73% of the company's stock.

Hedge Funds Weigh In On Gabelli Convertible & Income Securities Fund

Large investors have recently added to or reduced their stakes in the stock. GABELLI & Co INVESTMENT ADVISERS INC. grew its holdings in shares of Gabelli Convertible & Income Securities Fund by 1,857.3% during the fourth quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 344,000 shares of the investment management company's stock worth $1,311,000 after buying an additional 326,425 shares in the last quarter. World Investment Advisors purchased a new stake in shares of Gabelli Convertible & Income Securities Fund during the second quarter worth $188,000. Arlington Capital Management Inc. purchased a new stake in shares of Gabelli Convertible & Income Securities Fund during the second quarter worth $161,000. Wolverine Asset Management LLC purchased a new stake in shares of Gabelli Convertible & Income Securities Fund during the second quarter worth $148,000. Finally, Cetera Investment Advisers grew its holdings in shares of Gabelli Convertible & Income Securities Fund by 112.0% during the first quarter. Cetera Investment Advisers now owns 61,250 shares of the investment management company's stock worth $229,000 after buying an additional 32,355 shares in the last quarter. 23.40% of the stock is currently owned by institutional investors and hedge funds.

Gabelli Convertible & Income Securities Fund Company Profile

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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