The Gabelli Convertible and Income Securities Fund (NYSE:GCV) Shares Cross Below 200-Day Moving Average – What’s Next?

The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV)’s share price passed below its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $3.70 and traded as low as $3.67. The Gabelli Convertible and Income Securities Fund shares last traded at $3.69, with a volume of 22,830 shares.

The Gabelli Convertible and Income Securities Fund Trading Down 1.3 %

The stock’s fifty day moving average price is $3.83 and its two-hundred day moving average price is $3.70.

The Gabelli Convertible and Income Securities Fund Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Monday, September 16th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 13.01%. The ex-dividend date was Monday, September 16th.

Insider Buying and Selling

In related 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 value of $32,000.00. Following the sale, the insider now owns 1,092,000 shares of the company’s stock, valued at $4,368,000. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold a total of 14,093 shares of company stock worth $54,846 in the last ninety days. Company insiders own 0.78% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. PFG Advisors increased its position in shares of The Gabelli Convertible and Income Securities Fund by 3.8% during the first 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 during the period. Hoylecohen LLC bought a new position in shares of The Gabelli Convertible and Income Securities Fund in the 2nd quarter worth about $128,000. Cornerstone Advisors LLC lifted its stake in shares of 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 purchasing an additional 8,897 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of 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 valued at $90,000 after purchasing an additional 11,597 shares in the last quarter. Finally, M&R Capital Management Inc. grew its stake in 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 worth $29,000 after purchasing an additional 5,904 shares during the period. Institutional investors own 23.40% of the company’s stock.

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.