The GDL Fund (NYSE:GDL) Stock Passes Above 200 Day Moving Average – Time to Sell?

The GDL Fund (NYSE:GDL)’s stock price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $8.46 and traded as high as $8.50. The GDL Fund shares last traded at $8.44, with a volume of 10,620 shares changing hands.

The GDL Fund Trading Down 0.1%

The company has a fifty day simple moving average of $8.45 and a 200-day simple moving average of $8.46.

The GDL Fund Announces Dividend

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 Trading of The GDL Fund

Hedge funds and other institutional investors have recently modified their holdings of the company. Raymond James Financial Inc. purchased a new stake in shares of The GDL Fund in the second quarter worth $29,000. Closed End Fund Advisors Inc. purchased a new stake in The GDL Fund in the 4th quarter worth $95,000. Private Advisor Group LLC increased its stake in The GDL Fund by 25.1% in the 1st quarter. Private Advisor Group LLC now owns 14,970 shares of the investment management company’s stock worth $125,000 after buying an additional 3,000 shares in the last quarter. Evolve Private Wealth LLC purchased a new stake in The GDL Fund in the 4th quarter worth $164,000. Finally, GatePass Capital LLC bought a new position in shares of The GDL Fund in the fourth quarter worth about $241,000.

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.