Gabelli Convertible & Income Securities Fund (NYSE:GCV) Share Price Passes 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 - Get Free Report) crossed above its 50 day moving average during trading on Monday . The stock has a 50 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 changing hands.

Gabelli Convertible & Income Securities Fund Stock Performance

The business has a 50-day moving average price of $3.83 and a 200 day moving average price of $3.75.

Gabelli Convertible & Income Securities Fund Announces Dividend

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

Insiders Place Their Bets

In related news, Director Thomas H. Dinsmore purchased 25,000 shares of the firm's stock in a transaction that occurred 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 acquisition, the director owned 25,000 shares of the company's stock, valued at approximately $250,000. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.78% of the company's stock.

Institutional Trading of Gabelli Convertible & Income Securities Fund

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. LPL Financial LLC raised its holdings in Gabelli Convertible & Income Securities Fund by 1.4% during 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. GABELLI & Co INVESTMENT ADVISERS INC. raised its holdings in Gabelli Convertible & Income Securities Fund by 1,857.3% during the 4th quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 344,000 shares of the investment management company's stock valued at $1,311,000 after buying an additional 326,425 shares during the period. PFG Advisors raised 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 valued at $516,000 after buying an additional 41,190 shares during the period. Cetera Investment Advisers increased its stake in Gabelli Convertible & Income Securities Fund by 112.0% in the first quarter. Cetera Investment Advisers now owns 61,250 shares of the investment management company's stock worth $229,000 after purchasing an additional 32,355 shares during the period. Finally, Mallini Complete Financial Planning LLC lifted its position in shares of Gabelli Convertible & Income Securities Fund by 17.9% during the second quarter. Mallini Complete Financial Planning LLC now owns 53,337 shares of the investment management company's stock worth $204,000 after purchasing an additional 8,093 shares during the last quarter. Hedge funds and other institutional investors 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.