The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) Short Interest Update

The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) was the target of a large increase in short interest in August. As of August 31st, there was short interest totalling 31,200 shares, an increase of 46.5% from the August 15th total of 21,300 shares. Based on an average daily trading volume, of 47,300 shares, the short-interest ratio is presently 0.7 days.

Insider Transactions at The Gabelli Convertible and Income Securities Fund

In related news, insider Mario J. Gabelli sold 8,000 shares of the business’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $4.00, for a total value of $32,000.00. Following the sale, the insider now owns 1,092,000 shares of the company’s stock, valued at approximately $4,368,000. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last ninety days, insiders sold 11,093 shares of company stock valued at $43,656. Corporate insiders own 0.78% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Hoylecohen LLC acquired a new position in The Gabelli Convertible and Income Securities Fund in the second quarter worth $128,000. Cornerstone Advisors LLC lifted its position in The Gabelli Convertible and Income Securities Fund by 53.0% during the 1st quarter. Cornerstone Advisors LLC now owns 25,697 shares of the investment management company’s stock worth $95,000 after buying an additional 8,897 shares in the last quarter. PFG Advisors lifted its position in The Gabelli Convertible and Income Securities Fund by 3.8% during the 1st quarter. PFG Advisors now owns 87,262 shares of the investment management company’s stock worth $324,000 after buying an additional 3,185 shares in the last quarter. Janney Montgomery Scott LLC grew its holdings in The Gabelli Convertible and Income Securities Fund by 91.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 24,248 shares of the investment management company’s stock worth $90,000 after acquiring an additional 11,597 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in The Gabelli Convertible and Income Securities Fund in the 4th quarter valued at about $225,000. 23.40% of the stock is owned by institutional investors and hedge funds.

The Gabelli Convertible and Income Securities Fund Stock Performance

Shares of NYSE:GCV opened at $4.09 on Monday. The company’s fifty day moving average is $3.80 and its 200-day moving average is $3.69. The Gabelli Convertible and Income Securities Fund has a 52 week low of $3.15 and a 52 week high of $4.34.

The Gabelli Convertible and Income Securities Fund Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Monday, September 16th will be given a $0.12 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.48 dividend on an annualized basis and a yield of 11.74%.

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.