The GDL Fund (NYSE:GDL) Stock Price Crosses Below 200 Day Moving Average – Here’s What Happened

The GDL Fund (NYSE:GDL) shares passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $8.46 and traded as low as $8.43. The GDL Fund shares last traded at $8.4550, with a volume of 7,982 shares changing hands.

The GDL Fund Stock Down 0.2%

The firm’s 50 day moving average is $8.46 and its two-hundred day moving average is $8.46.

The GDL Fund Announces Dividend

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

Institutional Trading of The GDL Fund

Hedge funds have recently bought and sold shares of the company. NewEdge Advisors LLC grew its stake in The GDL Fund by 1.5% in the 1st quarter. NewEdge Advisors LLC now owns 126,162 shares of the investment management company’s stock worth $1,039,000 after acquiring an additional 1,840 shares during the period. Private Advisor Group LLC lifted its stake in shares of The GDL Fund by 25.1% during the 1st quarter. Private Advisor Group LLC now owns 14,970 shares of the investment management company’s stock worth $125,000 after purchasing an additional 3,000 shares during the period. Raymond James Financial Inc. purchased a new position in shares of The GDL Fund during the 2nd quarter worth $29,000. Closed End Fund Advisors Inc. acquired a new stake in shares of The GDL Fund during the fourth quarter worth $95,000. Finally, Evolve Private Wealth LLC purchased a new stake in shares of The GDL Fund in the fourth quarter valued at $164,000.

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.