Randall C. Burns, Trustee of Advent Convertible and Income Fund (NYSE:AVK), recently acquired 3,785 shares of common stock, valued at $42,694. The shares were purchased at a price of $11.28 per share as part of a rights issue. Following this transaction, Mr. Burns now directly owns 15,140 shares of the Fund.
In other recent news, Advent Convertible & Income Fund announced a rights issue for common shareholders. The offering, managed by Advent Capital Management and UBS Securities, allows stockholders to purchase additional shares of common stock, with each share held entitled to one right. In addition, you may purchase new common shares for each of the three rights. The offering also provides stockholders with the opportunity to acquire additional unsubscribed shares, allowing stockholders with fewer than three shares to subscribe for the full amount of common stock.
This development is part of a shelf registration statement previously filed with the SEC. Equiniti Trust Company and EQ Fund Solutions have been appointed to facilitate the offering as subscription and information agents. In other recent developments, Director Derek Medina resigned from his position due to other professional commitments, and the foundation’s Board of Directors was reduced from eight to seven members. This resignation did not arise out of any disagreement over the Fund’s operations, policies, or practices. These are recent developments in the Fund’s operations.
Investment Pro Insights
Randall C. Burns’ recent acquisition of Advent Convertible and Income Fund (NYSE:AVK) stock comes at an interesting time for the fund. According to InvestingPro data, AVK currently boasts a significant dividend yield of 12.32%, making it an attractive option for income-oriented investors. This is consistent with one of InvestingPro’s tips that AVK is “paying significant dividends to shareholders.”
The fund’s commitment to shareholder returns is further highlighted by another InvestingPro tip that reveals AVK has “maintained dividend payments for 22 consecutive years.” This long history of dividends may have influenced Burns’ decision to increase his stake in the fund.
However, investors should also consider that the fund’s current price is 90.5% of its 52-week high, suggesting it may be approaching resistance. Additionally, the fund’s negative P/E ratio of -10.19 indicates potential challenges to its return profile.
For a more comprehensive analysis, InvestingPro provides additional tips and insights that may provide valuable context to Mr. Burns’ recent purchases and the fund’s overall performance. Investors wishing to learn more about AVK’s financial health and market position can explore these additional insights on the InvestingPro platform.
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