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 recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 31,200 shares, a growth 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 Buying and Selling 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 stock was sold at an average price of $4.00, for a total transaction of $32,000.00. Following the completion of the sale, the insider now owns 1,092,000 shares in the company, valued at $4,368,000. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders have sold 11,093 shares of company stock worth $43,656. Insiders own 0.78% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Cornerstone Advisors LLC grew its stake in shares of The Gabelli Convertible and Income Securities Fund by 53.0% during the first quarter. Cornerstone Advisors LLC now owns 25,697 shares of the investment management company’s stock worth $95,000 after purchasing an additional 8,897 shares during the period. Principal Securities Inc. acquired a new position in shares of The Gabelli Convertible and Income Securities Fund during the 4th quarter worth about $27,000. L.M. Kohn & Company increased its stake in shares of The Gabelli Convertible and Income Securities Fund by 47.1% in the 4th quarter. L.M. Kohn & Company now owns 34,875 shares of the investment management company’s stock valued at $126,000 after acquiring an additional 11,167 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of The Gabelli Convertible and Income Securities Fund in the 4th quarter valued at about $225,000. Finally, Janney Montgomery Scott LLC raised its position in shares of The Gabelli Convertible and Income Securities Fund by 91.7% in the 1st quarter. Janney Montgomery Scott LLC now owns 24,248 shares of the investment management company’s stock valued at $90,000 after acquiring an additional 11,597 shares during the period. Institutional investors and hedge funds own 23.40% of the company’s stock.

The Gabelli Convertible and Income Securities Fund Trading Up 0.2 %

Shares of NYSE:GCV opened at $4.09 on Monday. The company has a 50 day moving average of $3.80 and a 200-day moving average of $3.69. The Gabelli Convertible and Income Securities Fund has a one year low of $3.15 and a one year high of $4.34.

The Gabelli Convertible and Income Securities Fund Announces Dividend

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

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.