Shares of Virtus Dividend Interest & Premium Strategy Fund of Beneficial Interest (NYSE:NFJ) traded today at $13.80, eclipsing its 52-week high. This new high was reached on below average trading volume as 110,000 shares traded hands, while the average 30-day volume is approximately 266,000 shares.
Virtus Dividend Interest & Premium Strategy Fund of Beneficial Interest has overhead space with shares priced $13.77, or 68.5% below the average consensus analyst price target of $43.69.
In the past 52 weeks, shares of Virtus Dividend Interest & Premium Strategy Fund of Beneficial Interest have traded between a low of $7.53 and a high of $13.80 and is now at $13.77, which is 83% above that low price.
The Fund will invest in a diversified portfolio of dividend-paying common stocks and income-producing convertible securities. The Fund will also employ a strategy of writing call options on equity indexes in an attempt to generate gains from option premiums. The Equity Component is expected to represent approximately 75%, and the Convertible Component approximately 25% of the net proceeds of the IPO. Under normal circumstances, the Fund will invest at least 80% of its net assets in securities and other instruments that provide dividends, interest or option premiums. The Equity Component will ordinarily consist principally of dividend-paying common stocks, but may also include preferred stocks and dividend-paying real estate investment trusts. The assets of the Equity Component will be invested principally in securities of U.S issuers but may include American Depository Receipts.
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