The GDL Fund (NYSE:GDL) Shares Pass Above 200 Day Moving Average – Time to Sell?
by Tristan Rich · The Markets DailyThe GDL Fund (NYSE:GDL – Get Free Report)’s stock price crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $8.49 and traded as high as $8.49. The GDL Fund shares last traded at $8.2950, with a volume of 13,579 shares traded.
The GDL Fund Trading Up 0.4%
The business has a 50-day moving average price of $8.48 and a 200-day moving average price of $8.49.
The GDL Fund Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 5.8%. The ex-dividend date of this dividend was Tuesday, March 17th.
Institutional Trading of The GDL Fund
Several institutional investors have recently made changes to their positions in the business. Focus Partners Wealth acquired a new position in The GDL Fund in the fourth quarter worth about $5,013,000. Gamco Investors INC. ET AL lifted its stake in The GDL Fund by 73.0% during the fourth quarter. Gamco Investors INC. ET AL now owns 441,040 shares of the investment management company’s stock worth $3,736,000 after purchasing an additional 186,052 shares during the period. NewEdge Advisors LLC boosted its holdings in The GDL Fund by 2.0% during the fourth quarter. NewEdge Advisors LLC now owns 127,532 shares of the investment management company’s stock valued at $1,080,000 after purchasing an additional 2,497 shares in the last quarter. Osaic Holdings Inc. boosted its holdings in The GDL Fund by 840.5% during the second quarter. Osaic Holdings Inc. now owns 39,445 shares of the investment management company’s stock valued at $329,000 after purchasing an additional 35,251 shares in the last quarter. Finally, GatePass Capital LLC bought a new stake in shares of The GDL Fund in the 4th quarter valued at approximately $241,000.
About The GDL Fund
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.