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

The GDL Fund (NYSE:GDL)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $8.47 and traded as high as $8.58. The GDL Fund shares last traded at $8.5350, with a volume of 6,192 shares traded.

The GDL Fund Stock Down 0.4%

The company’s fifty day simple moving average is $8.47 and its 200 day simple moving average is $8.47.

The GDL Fund Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 12th were given a dividend of $0.12 per share. The ex-dividend date was Friday, December 12th. This represents a $0.48 annualized dividend and a dividend yield of 5.6%.

Hedge Funds Weigh In On The GDL Fund

Institutional investors have recently added to or reduced their stakes in the company. Gamco Investors INC. ET AL boosted its holdings in shares of The GDL Fund by 73.0% during the 4th quarter. Gamco Investors INC. ET AL now owns 441,040 shares of the investment management company’s stock valued at $3,736,000 after buying an additional 186,052 shares in the last quarter. Osaic Holdings Inc. increased its stake in shares of The GDL Fund by 840.5% during the second quarter. Osaic Holdings Inc. now owns 39,445 shares of the investment management company’s stock valued at $329,000 after purchasing an additional 35,251 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of The GDL Fund during the second quarter valued at approximately $29,000. Finally, NewEdge Advisors LLC lifted its holdings in shares of The GDL Fund by 1.5% during the first quarter. NewEdge Advisors LLC now owns 126,162 shares of the investment management company’s stock valued at $1,039,000 after purchasing an additional 1,840 shares during the last quarter.

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.