The GDL Fund (NYSE:GDL) Stock Crosses Above 200 Day Moving Average – Should You Sell?

Shares of The GDL Fund (NYSE:GDL) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-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 Stock Performance

The stock’s 50-day moving average price is $8.49 and its 200 day moving average price is $8.49.

The GDL Fund Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 5.8%. The ex-dividend date was Tuesday, March 17th.

Institutional Investors Weigh In On The GDL Fund

A number of institutional investors and hedge funds have recently bought and sold shares of GDL. NewEdge Advisors LLC grew its position in shares of The GDL Fund by 1.5% during the 1st quarter. NewEdge Advisors LLC now owns 126,162 shares of the investment management company’s stock worth $1,039,000 after buying an additional 1,840 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of The GDL Fund in the second quarter valued at about $29,000. Osaic Holdings Inc. raised its holdings 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 in the last quarter. Gamco Investors INC. ET AL lifted its stake in The GDL Fund by 73.0% in 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 acquiring an additional 186,052 shares during the period. Finally, GatePass Capital LLC purchased a new stake in The GDL Fund in the fourth quarter worth about $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.