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

The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) was the target of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 6,700 shares, an increase of 21.8% from the October 15th total of 5,500 shares. Based on an average daily trading volume, of 57,500 shares, the short-interest ratio is presently 0.1 days.

Insider Activity at The Gabelli Convertible and Income Securities Fund

In other news, insider Mario J. Gabelli sold 8,000 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $4.00, for a total transaction of $32,000.00. Following the completion of the transaction, the insider now owns 1,092,000 shares of the company’s stock, valued at approximately $4,368,000. The trade was a 0.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders sold a total of 12,669 shares of company stock valued at $49,549 in the last quarter. Insiders own 0.78% of the company’s stock.

Hedge Funds Weigh In On The Gabelli Convertible and Income Securities Fund

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wolverine Asset Management LLC bought a new stake in The Gabelli Convertible and Income Securities Fund during the 3rd quarter valued at $39,000. Shaker Financial Services LLC acquired a new position in shares of The Gabelli Convertible and Income Securities Fund during the third quarter valued at $52,000. M&R Capital Management Inc. raised its stake in shares of The Gabelli Convertible and Income Securities Fund by 316.9% during the third quarter. M&R Capital Management Inc. now owns 7,767 shares of the investment management company’s stock valued at $29,000 after purchasing an additional 5,904 shares in the last quarter. Hoylecohen LLC acquired a new stake in The Gabelli Convertible and Income Securities Fund in the second quarter worth about $128,000. Finally, Cornerstone Advisors LLC grew its position in The Gabelli Convertible and Income Securities Fund by 53.0% in the 1st quarter. Cornerstone Advisors LLC now owns 25,697 shares of the investment management company’s stock valued at $95,000 after buying an additional 8,897 shares in the last quarter. 23.40% of the stock is owned by institutional investors.

The Gabelli Convertible and Income Securities Fund Trading Up 0.3 %

NYSE:GCV traded up $0.01 during mid-day trading on Friday, hitting $3.81. The stock had a trading volume of 47,670 shares, compared to its average volume of 47,541. The company has a 50 day simple moving average of $3.79 and a 200-day simple moving average of $3.73. The Gabelli Convertible and Income Securities Fund has a 52 week low of $3.33 and a 52 week high of $4.34.

The Gabelli Convertible and Income Securities Fund Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 12.60%.

The Gabelli Convertible and Income Securities Fund Company Profile

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.