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Gerald L. Seizert, a trustee at Advent Convertible & Income Fund (NYSE:AVK), recently acquired additional shares of the company. According to a filing with the Securities and Exchange Commission dated October 21, 2024, Seizert purchased a total of 1,226 shares of common stock on October 17, 2024. The transactions were executed at a price of $11.28 per share, totaling approximately $13,840.
The acquisitions were made under various trusts and accounts, including those for Deak K. Seizert Residuary Trust, Laurel R. Seizert, Candace C. Seizert Trust, and the Candace C. Seizert 2012 Gift Trust. Following these transactions, Seizert holds a significant number of shares across these accounts, reflecting his ongoing investment in the fund.
In other recent news, Advent Convertible & Income Fund initiated a rights offering for its common shares, as per a recent SEC filing. The offering allows existing shareholders to purchase additional common shares of the fund. The fund has collaborated with Advent Capital Management, LLC and UBS Securities LLC to manage this offering. Eligible shareholders can subscribe for up to 11,533,627 common shares, with the provision to acquire additional shares under certain conditions.
In a parallel development, trustee Derek Medina has resigned from Advent Convertible & Income Fund due to professional commitments. This resignation has not been linked to any disagreements with the fund's operations, policies, or practices. Consequently, the number of board members has been reduced from eight to seven. These recent developments do not indicate any further changes to the fund's management or operational structure.
InvestingPro Insights
Gerald L. Seizert's recent purchase of Advent Convertible & Income Fund (NYSE:AVK) shares aligns with several key metrics and insights from InvestingPro. The fund's current dividend yield stands at an impressive 12.32%, underscoring one of the InvestingPro Tips that AVK "pays a significant dividend to shareholders." This high yield could be a contributing factor to Seizert's decision to increase his position.
Moreover, AVK has maintained dividend payments for 22 consecutive years, as highlighted by another InvestingPro Tip. This long-standing commitment to shareholder returns may have bolstered Seizert's confidence in the fund's stability and income-generating potential.
The fund's recent performance shows a positive YTD price total return of 10.66%, indicating a solid recovery in 2024. However, the 3-month return of -7.36% suggests some short-term volatility, which could explain why the Relative Strength Index (RSI) currently indicates that the stock is in oversold territory, according to an InvestingPro Tip.
For investors seeking a more comprehensive analysis, InvestingPro offers 5 additional tips for AVK, providing a deeper understanding of the fund's financial health and market position. These insights could prove valuable for those considering following Seizert's lead in investing in AVK.
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