The GDL Fund (NYSE:GDL) Share Price Passes Above Two Hundred Day Moving Average – Time to Sell?

Shares of The GDL Fund (NYSE:GDL) passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $8.45 and traded as high as $8.46. The GDL Fund shares last traded at $8.4050, with a volume of 6,674 shares.

The GDL Fund Price Performance

The stock’s 50-day moving average is $8.45 and its 200-day moving average is $8.45.

The GDL Fund Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Monday, June 15th were paid 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 Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Focus Partners Wealth bought a new stake in The GDL Fund during the fourth quarter worth approximately $5,013,000. Gamco Investors INC. ET AL raised its stake in shares of The GDL Fund by 73.0% in the 4th quarter. Gamco Investors INC. ET AL now owns 441,040 shares of the investment management company’s stock worth $3,736,000 after buying an additional 186,052 shares in the last quarter. NewEdge Advisors LLC boosted its stake in The GDL Fund by 2.0% during the fourth quarter. NewEdge Advisors LLC now owns 127,532 shares of the investment management company’s stock valued at $1,080,000 after buying an additional 2,497 shares in the last quarter. GatePass Capital LLC boosted its stake 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 buying an additional 24,750 shares in the last quarter. Finally, Osaic Holdings Inc. grew its holdings in 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 worth $329,000 after acquiring an additional 35,251 shares during the period.

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.