Virtus Equity & Convertible Income Fund (NYSE:NIE) Announces $0.50 Quarterly Dividend

Virtus Equity & Convertible Income Fund (NYSE:NIE – Get Rating) declared a quarterly dividend on Thursday, March 16th, Zacks reports. Shareholders of record on Monday, June 12th will be given a dividend of 0.50 per share on Friday, June 23rd. This represents a $2.00 annualized dividend and a yield of 10.83%. The ex-dividend date of this dividend is Friday, June 9th.

Virtus Equity & Convertible Income Fund has raised its dividend payment by an average of 18.0% annually over the last three years and has increased its dividend annually for the last 1 consecutive years.

Virtus Equity & Convertible Income Fund Stock Down 1.0 %

Shares of NYSE NIE traded down $0.19 during midday trading on Friday, hitting $18.46. The stock had a trading volume of 61,360 shares, compared to its average volume of 96,003. Virtus Equity & Convertible Income Fund has a fifty-two week low of $18.02 and a fifty-two week high of $27.57. The company’s 50-day simple moving average is $19.83 and its 200 day simple moving average is $20.52.

Hedge Funds Weigh In On Virtus Equity & Convertible Income Fund

Hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. acquired a new position in Virtus Equity & Convertible Income Fund during the 1st quarter valued at about $27,000. LPL Financial LLC lifted its holdings in Virtus Equity & Convertible Income Fund by 202.3% in the second quarter. LPL Financial LLC now owns 62,451 shares of the company’s stock valued at $1,296,000 after buying an additional 41,793 shares during the period. Thrivent Financial for Lutherans lifted its holdings in Virtus Equity & Convertible Income Fund by 87.0% in the second quarter. Thrivent Financial for Lutherans now owns 26,325 shares of the company’s stock valued at $546,000 after buying an additional 12,250 shares during the period. Walleye Capital LLC bought a new position in Virtus Equity & Convertible Income Fund in the second quarter valued at approximately $241,000. Finally, Commonwealth Equity Services LLC grew its holdings in Virtus Equity & Convertible Income Fund by 61.5% during the 3rd quarter. Commonwealth Equity Services LLC now owns 72,107 shares of the company’s stock worth $1,464,000 after acquiring an additional 27,458 shares during the period.

About Virtus Equity & Convertible Income Fund

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Virtus Equity & Convertible Income Fund is a closed ended equity mutual fund launched and managed by Allianz Global Investors Fund Management LLC. The fund is co-managed by Allianz Global Investors U.S. LLC. It invests in the public equity markets of the United States. The fund invests in stocks of companies operating across diversified sectors.