Tony Huang, Vice President and Assistant Secretary of Advent Convertible & Income Fund (NYSE:AVK), recently increased his holdings in the company by purchasing 2,300 shares of common stock. The transaction, which took place on October 17, 2024, was executed at a price of $11.28 per share, totaling approximately $25,944.
Following this acquisition, Huang now holds 9,400 shares of Advent Convertible & Income Fund directly. The purchase was part of a rights offering, as noted in the transaction details.
In other recent news, Advent Convertible & Income Fund announced a rights offering for its common shareholders. This offering, managed by Advent Capital Management and UBS Securities, will allow shareholders to purchase additional common shares, with each shareholder receiving one right per share owned. Three rights will enable the acquisition of one additional common share. Moreover, shareholders who fully exercise their rights may have the opportunity to acquire extra shares if any remain unsubscribed.
The fund has also seen changes in its Board of Trustees, as Derek Medina has resigned from his trustee role. This resignation, which was due to other professional commitments, has reduced the board's members from eight to seven. Advent Convertible & Income Fund clarified that this change does not indicate further modifications to the fund's management or operational structure.
These recent developments are part of the fund's ongoing operations under the Securities Exchange Act of 1934's regulatory framework. As always, investors can access further details regarding these updates in the fund's financial statements and exhibits filed with the SEC.
InvestingPro Insights
Tony Huang's recent purchase of Advent Convertible & Income Fund (NYSE:AVK) shares aligns with some notable characteristics of the company. According to InvestingPro data, AVK boasts a substantial dividend yield of 12.33%, which is particularly attractive in the current market environment. This high yield is supported by an InvestingPro Tip indicating that AVK "pays a significant dividend to shareholders."
Furthermore, the fund has demonstrated a strong commitment to its dividend policy, with another InvestingPro Tip revealing that AVK "has maintained dividend payments for 22 consecutive years." This long-standing dividend history may have influenced Huang's decision to increase his stake in the company.
It's worth noting that AVK's stock has shown resilience over the past year, with a 1-year price total return of 33.35%. However, more recent performance has been mixed, with a 6-month return of 7.49% contrasting with a 3-month return of -5.58%.
Investors considering AVK should be aware that InvestingPro offers 4 additional tips for this stock, providing a more comprehensive analysis of its investment potential. These insights can be valuable for those looking to make informed decisions about AVK or similar dividend-paying funds.
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