The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) Sees Large Decrease in Short Interest

The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) saw a significant decrease in short interest during the month of March. As of March 31st, there was short interest totalling 55,300 shares, a decrease of 17.0% from the March 15th total of 66,600 shares. Approximately 0.3% of the shares of the company are short sold. Based on an average daily volume of 44,400 shares, the days-to-cover ratio is currently 1.2 days.

The Gabelli Convertible and Income Securities Fund Trading Down 1.5 %

NYSE GCV opened at $3.36 on Friday. The stock has a 50-day simple moving average of $3.73 and a two-hundred day simple moving average of $3.81. The Gabelli Convertible and Income Securities Fund has a fifty-two week low of $3.01 and a fifty-two week high of $4.34.

The Gabelli Convertible and Income Securities Fund Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Monday, March 17th were issued a $0.12 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.48 dividend on an annualized basis and a yield of 14.29%.

Hedge Funds Weigh In On The Gabelli Convertible and Income Securities Fund

Several hedge funds and other institutional investors have recently modified their holdings of the business. World Investment Advisors LLC acquired a new stake in The Gabelli Convertible and Income Securities Fund during the third quarter worth about $405,000. Janney Montgomery Scott LLC acquired a new stake in shares of The Gabelli Convertible and Income Securities Fund during the 4th quarter worth approximately $178,000. Raymond James Financial Inc. purchased a new stake in shares of The Gabelli Convertible and Income Securities Fund during the 4th quarter valued at approximately $83,000. Cornerstone Advisors LLC lifted its holdings in The Gabelli Convertible and Income Securities Fund by 769.3% in the fourth quarter. Cornerstone Advisors LLC now owns 19,099 shares of the investment management company’s stock valued at $73,000 after acquiring an additional 16,902 shares during the last quarter. Finally, PFG Advisors grew its position in The Gabelli Convertible and Income Securities Fund by 4.7% in the fourth quarter. PFG Advisors now owns 82,789 shares of the investment management company’s stock worth $315,000 after acquiring an additional 3,739 shares during the period. 23.40% of the stock is owned by hedge funds and other institutional investors.

The Gabelli Convertible and 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.