The GDL Fund (NYSE:GDL) Stock Jumps 0.5% – Still a Buy?

The GDL Fund (NYSE:GDL)’s stock price shot up 0.5% during trading on Friday. The stock traded as high as $8.34 and last traded at $8.2750. 9,351 shares traded hands during trading, a decline of 12% from the average session volume of 10,665 shares. The stock had previously closed at $8.23.

The GDL Fund Stock Performance

The stock’s fifty day moving average is $8.35 and its two-hundred day moving average is $8.43.

The GDL Fund Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th were paid a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.48 annualized dividend and a yield of 5.8%.

Hedge Funds Weigh In On The GDL Fund

A number of institutional investors have recently added to or reduced their stakes in the business. Uhlmann Price Securities LLC bought a new position in shares of The GDL Fund in the third quarter worth approximately $90,000. Private Advisor Group LLC lifted its position in The GDL Fund by 25.1% during the first quarter. Private Advisor Group LLC now owns 14,970 shares of the investment management company’s stock valued at $125,000 after purchasing an additional 3,000 shares during the last quarter. GatePass Capital LLC lifted its position in 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 valued at $443,000 after purchasing an additional 24,750 shares during the last quarter. Finally, Park Avenue Securities LLC grew its position in The GDL Fund by 2.6% in the third quarter. Park Avenue Securities LLC now owns 84,771 shares of the investment management company’s stock worth $707,000 after acquiring an additional 2,167 shares in the last quarter.

About The GDL Fund

The GDL Fund (NYSE:GDL) is a diversified, closed-end management investment company. The fund seeks to generate high current income, with capital appreciation as a secondary objective.

To pursue these objectives, The GDL Fund invests primarily in a diversified portfolio of debt securities, including below-investment-grade debt, senior secured loans and other credit-related instruments. Its holdings may include securities issued by companies and entities across a range of industries and geographic markets.

The fund is managed by Goldman Sachs Asset Management, L.P., an investment management firm that provides portfolio management and other investment services.