Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) Sees Significant Increase in Short Interest

Gabelli Convertible & Income Securities Fund Inc. (NYSE:GCV) was the recipient of a significant growth in short interest in October. As of October 15th, there was short interest totaling 42,773 shares, a growth of 95.9% from the September 30th total of 21,836 shares. Based on an average daily trading volume, of 68,389 shares, the short-interest ratio is presently 0.6 days. Currently, 0.2% of the shares of the company are sold short.

Gabelli Convertible & Income Securities Fund Stock Down 0.8%

NYSE GCV opened at $3.92 on Friday. The stock has a 50-day moving average of $4.26 and a 200 day moving average of $4.45. Gabelli Convertible & Income Securities Fund has a twelve month low of $3.82 and a twelve month high of $4.80.

Gabelli Convertible & Income Securities Fund Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 12.2%. The ex-dividend date was Wednesday, September 16th.

Hedge Funds Weigh In On Gabelli Convertible & Income Securities Fund

Several large investors have recently modified their holdings of GCV. Benjamin Edwards Inc. increased its stake in Gabelli Convertible & Income Securities Fund by 8.5% during the second quarter. Benjamin Edwards Inc. now owns 37,039 shares of the investment management company’s stock worth $173,000 after purchasing an additional 2,907 shares during the period. Equitable Holdings Inc. acquired a new position in shares of Gabelli Convertible & Income Securities Fund in the second quarter valued at approximately $393,000. Bank of America Corp DE purchased a new position in Gabelli Convertible & Income Securities Fund during the second quarter worth about $131,000. Finally, Mallini Complete Financial Planning LLC grew its stake 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 worth $279,000 after purchasing an additional 3,996 shares during the period. 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 (NYSE: GCV) is a closed-end investment company managed by Gabelli Funds, LLC. The fund seeks to provide a high level of current income while also pursuing capital appreciation by investing primarily in convertible securities and other income-producing investments.

The fund’s portfolio may include convertible bonds, convertible preferred stocks, corporate debt securities, preferred securities and other fixed-income investments. Convertible securities generally provide regular income while offering the potential to participate in the equity performance of the issuing company.