Short Interest in Virtus Equity & Convertible Income Fund (NYSE:NIE) Drops By 55.7%

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the recipient of a significant decrease in short interest in the month of May. As of May 29th, there was short interest totaling 6,669 shares, a decrease of 55.7% from the May 14th total of 15,062 shares. Based on an average daily trading volume, of 91,377 shares, the days-to-cover ratio is currently 0.1 days.

Virtus Equity & Convertible Income Fund Trading Up 0.5%

NYSE:NIE traded up $0.14 during mid-day trading on Friday, hitting $26.58. The company had a trading volume of 54,430 shares, compared to its average volume of 63,665. Virtus Equity & Convertible Income Fund has a fifty-two week low of $22.74 and a fifty-two week high of $27.24. The business’s fifty day moving average is $25.93 and its two-hundred day moving average is $25.36.

Virtus Equity & Convertible Income Fund Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 15th will be paid a $0.58 dividend. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change from Virtus Equity & Convertible Income Fund’s previous quarterly dividend of $0.50. This represents a $2.32 annualized dividend and a yield of 8.7%.

Hedge Funds Weigh In On Virtus Equity & Convertible Income Fund

Several hedge funds have recently added to or reduced their stakes in NIE. US Bancorp DE acquired a new position in Virtus Equity & Convertible Income Fund in the third quarter valued at about $104,000. NewEdge Advisors LLC lifted its stake in Virtus Equity & Convertible Income Fund by 9.8% in the first quarter. NewEdge Advisors LLC now owns 6,925 shares of the company’s stock valued at $153,000 after buying an additional 617 shares during the period. Blue Bell Private Wealth Management LLC lifted its stake in Virtus Equity & Convertible Income Fund by 338.1% in the fourth quarter. Blue Bell Private Wealth Management LLC now owns 6,655 shares of the company’s stock valued at $166,000 after buying an additional 5,136 shares during the period. Fifth Third Bancorp acquired a new position in Virtus Equity & Convertible Income Fund in the first quarter valued at about $189,000. Finally, J.W. Cole Advisors Inc. acquired a new position in Virtus Equity & Convertible Income Fund in the third quarter valued at about $202,000.

Virtus Equity & Convertible Income Fund Company Profile

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.