Arete Wealth Advisors LLC Acquires New Stake in The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV)

Arete Wealth Advisors LLC bought a new position in shares of The Gabelli Convertible and Income Securities Fund Inc. (NYSE:GCV) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 14,917 shares of the investment management company’s stock, valued at approximately $57,000.

A number of other hedge funds have also recently made changes to their positions in GCV. World Investment Advisors LLC purchased a new stake in The Gabelli Convertible and Income Securities Fund in the 3rd quarter valued at about $405,000. Janney Montgomery Scott LLC bought a new stake in shares of The Gabelli Convertible and Income Securities Fund during the fourth quarter valued at approximately $178,000. Raymond James Financial Inc. purchased a new stake in shares of The Gabelli Convertible and Income Securities Fund in the fourth quarter valued at approximately $83,000. Cornerstone Advisors LLC increased its holdings in The Gabelli Convertible and Income Securities Fund by 769.3% during the 4th quarter. Cornerstone Advisors LLC now owns 19,099 shares of the investment management company’s stock worth $73,000 after purchasing an additional 16,902 shares during the period. Finally, PFG Advisors raised its position in The Gabelli Convertible and Income Securities Fund by 4.7% during the 4th quarter. PFG Advisors now owns 82,789 shares of the investment management company’s stock valued at $315,000 after purchasing an additional 3,739 shares in the last quarter. 23.40% of the stock is currently owned by institutional investors.

The Gabelli Convertible and Income Securities Fund Stock Performance

GCV stock opened at $3.25 on Tuesday. The Gabelli Convertible and Income Securities Fund Inc. has a 1-year low of $3.01 and a 1-year high of $4.34. The business has a 50-day moving average price of $3.82 and a 200 day moving average price of $3.83.

The Gabelli Convertible and Income Securities Fund Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Monday, March 17th were paid a $0.12 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.48 annualized dividend and a yield of 14.77%.

The Gabelli Convertible and Income Securities Fund 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.