Welcome to our dedicated page for Virtus Cnvtbl news (Ticker: NCV), a resource for investors and traders seeking the latest updates and insights on Virtus Cnvtbl stock.
Virtus Convertible & Income Fund (NYSE: NCV) is a diversified, closed-end management investment company with an investment objective to provide total return through a combination of capital appreciation and high current income. Its news flow frequently centers on portfolio strategy, distributions, and capital structure decisions that affect both common and preferred shareholders.
A prominent theme in NCV’s announcements is the regular declaration of quarterly distributions on its 5.625% Series A Cumulative Preferred Shares, which trade on the New York Stock Exchange under the symbol NCV PR A. These releases outline the cash distribution amounts, record dates, payable dates, and the accrual periods covered, as well as details such as the preferred shares’ Fitch “A” rating, quarterly payment schedule, and callability at the liquidation value plus accrued dividends.
Another key category of news involves corporate actions, such as the 1-for-4 reverse stock split of NCV’s issued and outstanding common shares. In that announcement, the fund described the mechanics of the reverse split, the issuance of one new share for every four existing common shares, and the intent to achieve a higher per-share market price that could broaden the range of potential investors and potentially improve market liquidity. The fund also explained how fractional shares would be treated and addressed the expected tax implications.
On this page, readers can review NCV news items related to distributions, preferred share terms, reverse stock splits, and other fund-level developments. These updates provide context on how Virtus Convertible & Income Fund manages its capital structure and communicates risk, tax, and income considerations to shareholders.
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Virtus Convertible & Income Fund (NYSE: NCV) and Virtus Convertible & Income Fund II (NYSE: NCZ) announced a 20% decrease in their monthly distributions, effective from the April distribution payable on May 1, 2023. For NCV, the new distribution will be $0.034 per share, down from $0.0425. Similarly, NCZ's distribution will drop to $0.03 from $0.0375. The adjustment reflects increased costs of leverage and current earnings in the prevailing market environment. Additionally, the reported distribution amounts are estimates and subject to tax regulations, with final amounts determined by the funds' investment performance.
Virtus Convertible & Income Fund (NYSE: NCV) has declared a cash distribution of $0.3515625 per share for Series A cumulative preferred shareholders, payable on March 31, 2023. Shareholders of record as of March 13, 2023 will receive this distribution, which pertains to the period from January 1, 2023 to March 31, 2023. The Series A shares, rated “A” by Fitch, have an annual dividend rate of $1.40625 and were issued at $25.00 per share on September 20, 2018. These shares will be callable after September 20, 2023, at their liquidation value plus accrued dividends.
Virtus Convertible & Income Fund (NCV) and Virtus Convertible & Income Fund II (NCZ) will redeem their remaining auction rate preferred shares (ARPS) from January 23 to January 27, 2023. This follows a prior tender offer where 99.7% of ARPS for NCV and 99.2% for NCZ were successfully tendered. The funds will redeem 29 shares for NCV at $725,000 and 49 shares for NCZ at $1,225,000, each at $25,000 per share plus unpaid dividends. The decision comes due to limited leverage benefits and ongoing costs associated with maintaining ARPS.
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Virtus Convertible & Income Fund (NYSE: NCV) has declared a cash distribution of $0.3515625 per share for its Series A cumulative preferred shareholders. The distribution is payable on December 30, 2022, to shareholders of record by December 12, 2022. These preferred shares, rated 'A' by Fitch, have an annual dividend rate of $1.40625 and were issued at $25.00 per share. The shares will be callable after the non-call period ends on September 20, 2023.