Virtus Equity & Convertible Income Fund (NYSE:NIE) Stock Price Down 1.1% – Time to Sell?

Shares of Virtus Equity & Convertible Income Fund (NYSE:NIE) were down 1.1% during trading on Thursday . The stock traded as low as $23.33 and last traded at $23.3750. Approximately 88,369 shares changed hands during mid-day trading, an increase of 55% from the average daily volume of 57,122 shares. The stock had previously closed at $23.64.

Virtus Equity & Convertible Income Fund Stock Performance

The company’s 50-day simple moving average is $25.02 and its 200-day simple moving average is $25.18.

Virtus Equity & Convertible Income Fund Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Stockholders of record on Monday, March 16th will be paid a dividend of $0.50 per share. The ex-dividend date is Monday, March 16th. This represents a $2.00 annualized dividend and a dividend yield of 8.6%.

Hedge Funds Weigh In On Virtus Equity & Convertible Income Fund

Several institutional investors have recently added to or reduced their stakes in NIE. PMG Family Office LLC acquired a new stake in Virtus Equity & Convertible Income Fund during the 3rd quarter worth approximately $754,000. Prevail Innovative Wealth Advisors LLC purchased a new position in shares of Virtus Equity & Convertible Income Fund in the 3rd quarter valued at approximately $249,000. Level Four Advisory Services LLC increased its holdings in shares of Virtus Equity & Convertible Income Fund by 20.1% in the third quarter. Level Four Advisory Services LLC now owns 23,809 shares of the company’s stock valued at $598,000 after purchasing an additional 3,992 shares during the period. Oppenheimer & Co. Inc. acquired a new position in shares of Virtus Equity & Convertible Income Fund in the third quarter valued at approximately $204,000. Finally, Cornerstone Wealth Management LLC raised its stake in shares of Virtus Equity & Convertible Income Fund by 3.7% during the third quarter. Cornerstone Wealth Management LLC now owns 25,526 shares of the company’s stock worth $641,000 after purchasing an additional 908 shares during the last quarter.

About Virtus Equity & Convertible Income Fund

Virtus Equity & Convertible Income Fund (NYSE:NIE) is a diversified, closed-end management investment company designed to provide shareholders with a combination of current income and capital appreciation. The fund seeks to achieve its objectives by investing predominantly in convertible securities of U.S. and non-U.S. issuers alongside selected common stocks. Leveraging the hybrid characteristics of convertibles, the fund aims to capture income potential while maintaining exposure to equity market upside.

The fund’s investment strategy centers on a flexible allocation between fixed-income and equity components, with portfolio managers conducting rigorous credit and equity research to identify issuers offering attractive risk-reward profiles.