The GDL Fund (NYSE:GDL) Stock Passes Above 200-Day Moving Average – Here’s Why

The GDL Fund (NYSE:GDL) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $8.45 and traded as high as $8.46. The GDL Fund shares last traded at $8.4050, with a volume of 6,674 shares traded.

The GDL Fund Trading Down 0.2%

The firm’s fifty day moving average price is $8.45 and its 200-day moving average price is $8.45.

The GDL Fund Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Monday, June 15th were given a $0.12 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.48 annualized dividend and a yield of 5.7%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. GatePass Capital LLC boosted its position in shares of The GDL Fund by 87.1% during the first quarter. GatePass Capital LLC now owns 53,150 shares of the investment management company’s stock worth $443,000 after buying an additional 24,750 shares during the period. Private Advisor Group LLC increased its position 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 valued at $125,000 after acquiring an additional 3,000 shares during the period. NewEdge Advisors LLC raised 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 valued at $1,080,000 after acquiring an additional 2,497 shares in the last quarter. Evolve Private Wealth LLC bought a new stake in The GDL Fund during the 4th quarter valued at $164,000. Finally, Focus Partners Wealth acquired a new position in The GDL Fund during the 4th quarter worth $5,013,000.

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.