The GDL Fund (NYSE:GDL) Shares Pass Above Two Hundred Day Moving Average – Here’s Why

The GDL Fund (NYSE:GDL) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $8.47 and traded as high as $8.52. The GDL Fund shares last traded at $8.49, with a volume of 11,650 shares trading hands.

The GDL Fund Stock Up 0.4%

The stock has a 50 day moving average price of $8.42 and a two-hundred day moving average price of $8.47.

The GDL Fund Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Stockholders of record on Monday, June 15th will be paid a $0.12 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.7%.

Institutional Investors Weigh In On The GDL Fund

Institutional investors have recently modified their holdings of the company. GatePass Capital LLC grew its stake in The GDL Fund by 87.1% during the 1st quarter. GatePass Capital LLC now owns 53,150 shares of the investment management company’s stock worth $443,000 after purchasing an additional 24,750 shares in the last quarter. Private Advisor Group LLC grew its stake in The GDL Fund by 25.1% during the 1st quarter. Private Advisor Group LLC now owns 14,970 shares of the investment management company’s stock worth $125,000 after purchasing an additional 3,000 shares in the last quarter. NewEdge Advisors LLC grew its stake in The GDL Fund by 2.0% during the 4th quarter. NewEdge Advisors LLC now owns 127,532 shares of the investment management company’s stock worth $1,080,000 after purchasing an additional 2,497 shares in the last quarter. Evolve Private Wealth LLC acquired a new position in The GDL Fund during the 4th quarter worth $164,000. Finally, Focus Partners Wealth acquired a new position in The GDL Fund during the 4th quarter worth $5,013,000.

The GDL Fund Company Profile

The GDL Fund, Inc (NYSE: GDL) is a closed-end management investment company that seeks total return through a combination of current income and capital appreciation. The fund maintains a diversified portfolio of primarily U.S. dollar-denominated fixed-income securities, including investment-grade and high-yield corporate bonds, asset-backed and mortgage-related securities, and sovereign debt. In addition to cash instruments, the fund employs derivative instruments—most notably credit default swaps and other credit derivatives—to gain exposure to or hedge against movements in credit spreads.

Since its inception in the mid-2000s, The GDL Fund has aimed to capitalize on opportunities across the credit spectrum by blending traditional bond investments with credit derivative strategies.