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.
Virtus AllianzGI Convertible & Income Fund (NCV) has declared a cash distribution of $0.3515625 per share, payable on June 30, 2021, to Series A preferred shareholders recorded on June 11, 2021. The Series A shares, rated 'A' by Fitch, have an annual dividend rate of $1.40625 per share and were initially issued at $25.00 per share. The distribution covers the accrual period from April 1, 2021, to June 30, 2021. Furthermore, these shares become callable after the non-call period ends on September 20, 2023.
Virtus AllianzGI Convertible & Income Fund (NYSE: NCV) declared a cash distribution of $0.3515625 per share for Series A cumulative preferred shareholders, payable on March 31, 2021. Shareholders on record as of March 11, 2021 are eligible. The Series A shares, rated AA by Fitch, have an annual dividend rate of $1.40625 per share, issued at $25.00 each in September 2018. The shares become callable on September 20, 2023. Actual distribution amounts may vary based on the fund's investment performance.
AllianzGI Convertible & Income Fund (NYSE:NCV) reported its fiscal results for Q3 and nine months ending November 30, 2020. The Fund's net assets increased to $857.17 million, up from $832.19 million in 2019. The NAV rose to $5.91 compared to $5.64 a year earlier, while the market price decreased to $5.39 from $5.62. The Fund reported a net investment income of $8.26 million for the quarter, down from $11.66 million in 2019, and $26.73 million for nine months, down from $36.16 million.
AllianzGI Convertible & Income Fund (NCV) and AllianzGI Convertible & Income Fund II (NCZ) have announced a repurchase plan for their series A cumulative preferred shares. This initiative aims to enhance capital management strategies. The Funds will repurchase shares at market prices at or below their liquidation preference of $25.00 per share, or at a premium of up to 1.00% above this value, contingent on specific interest rates from their short-term credit facility. The plan aligns with Rule 10b-18 and will utilize borrowing under the State Street Credit Facility.
The Board of Trustees of AllianzGI Convertible & Income Fund (NYSE: NCV) has announced a cash distribution of $0.3515625 per share, payable on December 31, 2020, to Series A cumulative preferred shareholders of record as of December 11, 2020. The preferred shares, issued at $25.00 each in September 2018, are rated 'AAA' by Fitch Ratings, with a quarterly dividend rate of $1.40625. Note that the ultimate characterization of the distribution may vary based on the Fund’s investment performance and fiscal year end evaluations.
AllianzGI Convertible & Income Fund (NYSE:NCV) reported financial results for the fiscal quarter and six months ending August 31, 2020. The Fund's net assets decreased to $813.7 million from $827.8 million in 2019. The Net Asset Value (NAV) per share dropped to $5.43, down from $5.61, while the market price fell to $4.89 from $5.56. The Fund reported a net investment income of $8.9 million for the quarter, a decrease from $12.2 million in 2019. The net realized and change in unrealized gain surged to $76.8 million compared to $22.2 million the previous year.