The GDL Fund (NYSE:GDL) Stock Crosses Above Two Hundred Day Moving Average – Here’s What Happened

The GDL Fund (NYSE:GDL) shares passed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $8.45 and traded as high as $8.49. The GDL Fund shares last traded at $8.4050, with a volume of 15,035 shares traded.

The GDL Fund Price Performance

The stock’s 50-day moving average price is $8.47 and its 200 day moving average price is $8.45.

The GDL Fund Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 12th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Friday, December 12th. This represents a $0.48 dividend on an annualized basis and a yield of 5.7%.

Hedge Funds Weigh In On The GDL Fund

A number of institutional investors have recently made changes to their positions in GDL. Raymond James Financial Inc. bought a new stake in The GDL Fund during the 2nd quarter valued at approximately $29,000. Matisse Capital bought a new position in The GDL Fund in the 2nd quarter worth approximately $141,000. Osaic Holdings Inc. boosted its position in shares of The GDL Fund by 840.5% in the second quarter. Osaic Holdings Inc. now owns 39,445 shares of the investment management company’s stock valued at $329,000 after acquiring an additional 35,251 shares during the period. Park Avenue Securities LLC bought a new stake in shares of The GDL Fund in the second quarter valued at approximately $715,000. Finally, NewEdge Advisors LLC boosted its position in shares of The GDL Fund by 1.5% in the first quarter. NewEdge Advisors LLC now owns 126,162 shares of the investment management company’s stock valued at $1,039,000 after acquiring an additional 1,840 shares during the period.

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.