Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) Sees Significant Growth in Short Interest

Key Points

• Short interest nearly doubled to 42,773 shares as of October 15, up 95.9% from September 30, though only 0.2% of shares are currently sold short.
• GCV opened at $3.92, near its one-year low of $3.82, and trades below both its 50-day and 200-day moving averages.
• The fund paid a quarterly dividend of $0.12 per share, equivalent to an annualized $0.48 dividend and a 12.2% yield; institutional investors own 23.4% of its shares.

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV - Get Free Report) was the target of a large growth in short interest in October. As of October 15th, there was short interest totaling 42,773 shares, a growth of 95.9% from the September 30th total of 21,836 shares. Currently, 0.2% of the shares of the stock are short sold. Based on an average trading volume of 68,389 shares, the short-interest ratio is currently 0.6 days.

Gabelli Convertible & Income Securities Fund Stock Down 0.8%

NYSE:GCV opened at $3.92 on Friday. Gabelli Convertible & Income Securities Fund has a 1 year low of $3.82 and a 1 year high of $4.80. The business has a 50 day simple moving average of $4.26 and a 200-day simple moving average of $4.45.

Gabelli Convertible & Income Securities Fund Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 12.2%. The ex-dividend date was Wednesday, September 16th.

Institutional Trading of Gabelli Convertible & Income Securities Fund

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE purchased a new position in Gabelli Convertible & Income Securities Fund during the second quarter valued at approximately $131,000. Benjamin Edwards Inc. grew its stake in shares of Gabelli Convertible & Income Securities Fund by 8.5% during the second quarter. Benjamin Edwards Inc. now owns 37,039 shares of the investment management company's stock worth $173,000 after acquiring an additional 2,907 shares during the last quarter. Mallini Complete Financial Planning LLC raised its stake in Gabelli Convertible & Income Securities Fund by 7.2% in the 2nd quarter. Mallini Complete Financial Planning LLC now owns 59,679 shares of the investment management company's stock worth $279,000 after acquiring an additional 3,996 shares during the last quarter. Finally, Equitable Holdings Inc. acquired a new stake in Gabelli Convertible & Income Securities Fund during the 2nd quarter valued at approximately $393,000. 23.40% of the stock is currently owned by institutional investors.

Gabelli Convertible & Income Securities Fund Company Profile

Gabelli Convertible & Income Securities Fund NYSE: GCV is a closed-end investment company managed by Gabelli Funds, LLC. The fund seeks to provide a high level of current income while also pursuing capital appreciation by investing primarily in convertible securities and other income-producing investments.

The fund's portfolio may include convertible bonds, convertible preferred stocks, corporate debt securities, preferred securities and other fixed-income investments. Convertible securities generally provide regular income while offering the potential to participate in the equity performance of the issuing company.

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