Tracy V. Maitland, Chairman, President and CEO of Advent Convertible & Income Fund (NYSE:AVK), recently acquired a significant amount of the company’s common stock. According to recent SEC filings, Maitland purchased a total of 13,179 shares on October 17, 2024. Each share was acquired at a price of $11.28 per share, for a total transaction value of $148,659.
As described in the filing, this transaction was part of a rights offering. Following these purchases, Maitland’s direct ownership of Advent Convertible and Income Fund shares increased to 52,717 shares. This latest acquisition reflects continued investment in Maitland’s funds, which focus on convertible debt and income-producing investments.
In other recent news, Advent Convertible & Income Fund has initiated a capital increase to shareholders, as detailed in a recent SEC filing. This offering will enable current stockholders to acquire additional common stock. The Fund has entered into agreements with Advent Capital Management, LLC and UBS Securities LLC to manage the offering and with Equiniti Trust Company, LLC and EQ Fund Solutions, LLC to facilitate the offering.
In this connection, the Trustee of the Fund, Mr. Derek Medina, resigned due to other professional commitments. His resignation was not due to any disagreement with the Fund’s operations, policies or practices and resulted in a reduction in the size of the Board from eight to seven members.
These are the latest developments in the management of the Advent Convertible & Income Fund and do not indicate any further changes to the management or operating structure of the Fund. The Fund continues to operate under the regulatory framework of the Securities Exchange Act of 1934.
Investment Pro Insights
Tracy V. Maitland’s recent purchase of Advent Convertible & Income Fund (NYSE:AVK) stock coincides with some key insights from InvestingPro. The fund’s current dividend yield is an impressive 12.32%, confirming one of InvestingPro’s hints that AVK is “paying out big dividends to its shareholders.” This high yield may have been a factor in Maitland’s decision to increase his stake in the company.
Additionally, AVK has maintained its dividend payments for 22 consecutive years, demonstrating its long-term commitment to shareholder returns. This consistency in dividend payments can provide investors with a sense of stability, especially in the current market environment.
The fund’s recent performance shows positive momentum with a strong one-year total price return of 35.86%. However, short-term indicators reveal some volatility, with 3-month price total return of -7.36%. This recent decline could have made it an attractive entry point for a Maitland acquisition.
It is worth noting that the RSI suggests that the stock is in oversold territory, according to another tip from InvestingPro. This technical indicator, when combined with the recent price drop, could suggest a potential buying opportunity that Maitland has taken advantage of.
For investors seeking a more comprehensive analysis, InvestingPro provides additional tips and insights beyond those mentioned here. In fact, there are five more InvestingPro Tips available for AVK that can provide valuable context for understanding the fund’s financial health and market position.
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