Advent convertible & income fund trustee earns $42,694 in stocks Via Investing.com
Randall C. Barnes, trustee of Advent Convertible & Income Fund (NYSE:AVK), recently acquired 3,785 shares of the same stock, valued at $42,694. The shares were purchased at a price of $11.28 each, as part of a rights offering. Following the transaction, Barnes now directly owns 15,140 shares in the fund.
In other recent news, Advent Convertible & Income Fund has announced a rights offering to common shareholders. The offering, managed by Advent Capital Management and UBS Securities, allows shareholders to purchase additional common shares, with one right granted for every share they own. In addition, all three rights will allow the purchase of a new common share. The offer also gives shareholders the opportunity to acquire additional shares that may otherwise remain unsubscribed, even allowing those with fewer than three shares to subscribe for a full common share.
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 registration and information agents. In other recent developments, trustee Derek Medina has resigned due to other professional commitments, reducing the fund's Board of Trustees from eight to seven members. The resignation was not due to disagreement with the fund's operations, policies, or procedures. These are the latest developments in the fund's operations.
InvestingPro Insights
Randall C. Barnes' recent acquisition of shares of Advent Convertible & Income Fund (NYSE:AVK) comes at an interesting time for the fund. According to InvestingPro data, AVK currently has a strong dividend yield of 12.32%, making it an attractive option for income-oriented investors. This is in line with one of InvestingPro Tips, which notes that AVK “pays high dividends to shareholders.”
The fund's commitment to shareholder returns is further emphasized by another InvestingPro Tip, which points out that AVK has “maintained dividend payments for 22 consecutive years.” This long history of dividends may have played a role in Barnes' decision to increase his stake in the fund.
However, investors should also consider that the fund's current value is 90.5% of its 52-week high, suggesting that it may be approaching a resistance level. Additionally, the fund's negative P/E ratio of -10.19 indicates potential challenges to its income profile.
For a more comprehensive analysis, InvestingPro offers additional tips and insights that can provide valuable context to Barnes' recent purchases and overall fund performance. Investors interested in a deeper dive into AVK's financials and market conditions can explore this additional information on the InvestingPro platform.
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