The GDL Fund (NYSE:GDL) Share Price Crosses Above 200-Day Moving Average – Here’s What Happened

Shares of The GDL Fund (NYSE:GDL) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $8.46 and traded as high as $8.48. The GDL Fund shares last traded at $8.4650, with a volume of 5,737 shares trading hands.

The GDL Fund Stock Performance

The firm has a 50 day simple moving average of $8.46 and a 200 day simple moving average of $8.46.

The GDL Fund Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Monday, June 15th were issued a dividend of $0.12 per share. 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 Investors Weigh In On The GDL Fund

Several large investors have recently bought and sold shares of the business. GatePass Capital LLC raised its position in The GDL Fund by 87.1% in the 1st 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 last quarter. Private Advisor Group LLC boosted its holdings 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 valued at $125,000 after acquiring an additional 3,000 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of 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 during the last quarter. Evolve Private Wealth LLC bought a new stake in shares of The GDL Fund in the fourth quarter worth approximately $164,000. Finally, Focus Partners Wealth bought a new stake in shares of The GDL Fund in the fourth quarter worth approximately $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.