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

The GDL Fund (NYSE:GDL) crossed 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 trading hands.

The GDL Fund Stock Up 0.1%

The business has a fifty day simple moving average of $8.47 and a two-hundred day simple moving average of $8.46.

The GDL Fund Dividend Announcement

The firm also recently announced 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 was Monday, June 15th.

Hedge Funds Weigh In On The GDL Fund

Several hedge funds and other institutional investors have recently modified their holdings of GDL. Raymond James Financial Inc. purchased a new stake in The GDL Fund during the 2nd quarter valued at about $29,000. Closed End Fund Advisors Inc. acquired a new stake in The GDL Fund in the 4th quarter valued at about $95,000. Private Advisor Group LLC lifted its stake 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 worth $125,000 after purchasing an additional 3,000 shares in the last quarter. Evolve Private Wealth LLC purchased a new position in The GDL Fund in the 4th quarter worth approximately $164,000. Finally, GatePass Capital LLC acquired a new position in shares of The GDL Fund during the 4th quarter worth approximately $241,000.

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.