Welcome to our dedicated page for Virtus Convertible & Income Fund news (Ticker: NCV), a resource for investors and traders seeking the latest updates and insights on Virtus Convertible & Income Fund stock.
Virtus Convertible & Income Fund reports recurring closed-end fund developments centered on distributions, capital structure and fund governance. The fund seeks total return through capital appreciation and high current income, with investments in convertible securities and other income-producing securities. Virtus Investment Advisers serves as investment adviser, and Voya Investment Management serves as subadviser.
News for NCV frequently covers quarterly cash distributions on its 5.625% Series A Cumulative Preferred Shares, which trade on the NYSE as NCV PR A, as well as common-share distribution schedules and share-structure actions. Fund updates also reference closed-end fund features such as NAV premiums or discounts, leverage-related preferred shares and portfolio risk disclosures.
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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.