Gabelli Convertible & Income Securities Fund (NYSE:GCV) Stock Price Crosses Below 200 Day Moving Average - Here's What Happened

Key Points

• GCV shares fell below their 200-day moving average of $4.53, reaching $4.06 before closing at $4.11 on trading volume of 46,659 shares.
• The fund paid a quarterly dividend of $0.12 per share, equal to $0.48 annually and an 11.7% indicated yield.
• Institutional investors and hedge funds own 23.4% of GCV, with several firms reporting new or increased positions during the second quarter.

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV - Get Free Report)'s stock price crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $4.53 and traded as low as $4.06. Gabelli Convertible & Income Securities Fund shares last traded at $4.11, with a volume of 46,659 shares changing hands.

Gabelli Convertible & Income Securities Fund Stock Down 0.7%

The firm's 50-day simple moving average is $4.53 and its 200-day simple moving average is $4.53.

Gabelli Convertible & Income Securities Fund Dividend Announcement

The company also recently disclosed 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. The ex-dividend date was Wednesday, September 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 11.7%.

Institutional Investors Weigh In On Gabelli Convertible & Income Securities Fund

A number of institutional investors have recently bought and sold shares of the business. Bank of America Corp DE bought a new stake in Gabelli Convertible & Income Securities Fund in the 2nd quarter valued at $131,000. Benjamin Edwards Inc. lifted its holdings in shares of Gabelli Convertible & Income Securities Fund by 8.5% during the 2nd 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 period. Mallini Complete Financial Planning LLC boosted its position in shares of Gabelli Convertible & Income Securities Fund by 7.2% during the 2nd quarter. Mallini Complete Financial Planning LLC now owns 59,679 shares of the investment management company's stock valued at $279,000 after acquiring an additional 3,996 shares in the last quarter. Finally, Equitable Holdings Inc. acquired a new stake in shares of Gabelli Convertible & Income Securities Fund during the 2nd quarter valued at about $393,000. Institutional investors and hedge funds own 23.40% of the company's stock.

Gabelli Convertible & Income Securities Fund Company Profile

Gabelli Convertible & Income Securities Fund is a publicly traded closed-end investment company listed on the New York Stock Exchange under the symbol GCV. The fund is managed by Gabelli Funds, LLC, an affiliate of GAMCO Investors, Inc

The fund seeks to provide investors with a combination of current income and capital appreciation. It invests primarily in convertible securities, which may offer income and the potential to participate in equity-market gains, along with other income-producing securities such as corporate bonds, preferred stocks and common stocks.

GCV may invest in securities issued by companies in a range of industries and geographic markets, including the United States and international markets.

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