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

The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) was the recipient of a large decrease in short interest in the month of August. As of August 31st, there was short interest totalling 9,800 shares, a decrease of 60.0% from the August 15th total of 24,500 shares. Based on an average daily trading volume, of 34,700 shares, the days-to-cover ratio is presently 0.3 days.

A number of institutional investors have recently added to or reduced their stakes in GCV. Morgan Stanley increased its stake in shares of The Gabelli Convertible and Income Securities Fund by 24.8% during the 2nd quarter. Morgan Stanley now owns 785,723 shares of the investment management company’s stock worth $5,178,000 after purchasing an additional 156,151 shares during the last quarter. Claraphi Advisory Network LLC increased its stake in shares of The Gabelli Convertible and Income Securities Fund by 24.3% during the 2nd quarter. Claraphi Advisory Network LLC now owns 37,600 shares of the investment management company’s stock worth $248,000 after purchasing an additional 7,350 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of The Gabelli Convertible and Income Securities Fund by 29.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 89,277 shares of the investment management company’s stock worth $588,000 after purchasing an additional 20,057 shares during the last quarter. Private Advisor Group LLC increased its stake in shares of The Gabelli Convertible and Income Securities Fund by 79.1% during the 2nd quarter. Private Advisor Group LLC now owns 19,700 shares of the investment management company’s stock worth $130,000 after purchasing an additional 8,700 shares during the last quarter. Finally, Mid Atlantic Financial Management Inc. ADV increased its stake in shares of The Gabelli Convertible and Income Securities Fund by 54.3% during the 2nd quarter. Mid Atlantic Financial Management Inc. ADV now owns 39,800 shares of the investment management company’s stock worth $262,000 after purchasing an additional 14,000 shares during the last quarter. Hedge funds and other institutional investors own 14.16% of the company’s stock.

The Gabelli Convertible and Income Securities Fund stock traded down $0.01 during trading hours on Thursday, hitting $6.40. The company had a trading volume of 40,015 shares, compared to its average volume of 40,110. The firm’s fifty day moving average is $6.45 and its 200-day moving average is $6.37. The Gabelli Convertible and Income Securities Fund has a fifty-two week low of $5.15 and a fifty-two week high of $6.83.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 23rd. Shareholders of record on Thursday, September 16th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, September 15th. This represents a $0.48 annualized dividend and a yield of 7.50%.

About The Gabelli Convertible and Income Securities Fund

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.

Featured Article: Should You Consider an Index Fund?

Receive News & Ratings for The Gabelli Convertible and Income Securities Fund Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Gabelli Convertible and Income Securities Fund and related companies with MarketBeat.com's FREE daily email newsletter.