Virtus Equity & Convertible Income Fund (NYSE:NIE) Short Interest Up 275.8% in June

Virtus Equity & Convertible Income Fund (NYSE:NIE) was the recipient of a large growth in short interest in the month of June. As of June 30th, there was short interest totaling 39,631 shares, a growth of 275.8% from the June 15th total of 10,545 shares. Based on an average daily volume of 82,689 shares, the short-interest ratio is currently 0.5 days.

Virtus Equity & Convertible Income Fund Stock Up 0.6%

Shares of NIE traded up $0.15 during trading hours on Tuesday, reaching $26.66. 46,758 shares of the stock traded hands, compared to its average volume of 63,932. Virtus Equity & Convertible Income Fund has a 52-week low of $22.78 and a 52-week high of $27.24. The company’s 50-day moving average price is $26.55 and its two-hundred day moving average price is $25.54.

Virtus Equity & Convertible Income Fund Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 29th. Shareholders of record on Monday, June 15th were paid a $0.58 dividend. This represents a $2.32 dividend on an annualized basis and a yield of 8.7%. The ex-dividend date was Monday, June 15th. This is a boost from Virtus Equity & Convertible Income Fund’s previous quarterly dividend of $0.50.

Hedge Funds Weigh In On Virtus Equity & Convertible Income Fund

Large investors have recently made changes to their positions in the business. Saba Capital Management L.P. bought a new stake in shares of Virtus Equity & Convertible Income Fund in the fourth quarter worth about $7,431,000. Evolve Private Wealth LLC bought a new stake in Virtus Equity & Convertible Income Fund in the 4th quarter worth approximately $2,028,000. Guggenheim Capital LLC increased its stake in Virtus Equity & Convertible Income Fund by 14.0% in the 4th quarter. Guggenheim Capital LLC now owns 479,040 shares of the company’s stock worth $11,938,000 after acquiring an additional 58,661 shares during the last quarter. LPL Financial LLC raised its holdings in shares of Virtus Equity & Convertible Income Fund by 26.7% during the 4th quarter. LPL Financial LLC now owns 269,945 shares of the company’s stock worth $6,727,000 after acquiring an additional 56,895 shares in the last quarter. Finally, First Trust Advisors LP purchased a new stake in shares of Virtus Equity & Convertible Income Fund during the 1st quarter worth approximately $789,000.

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.