Madison Covered Call & Equity Strategy Fund (NYSE:MCN) Share Price Crosses Above 50-Day Moving Average – Here’s Why

Shares of Madison Covered Call & Equity Strategy Fund (NYSE:MCN) crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $5.63 and traded as high as $5.67. Madison Covered Call & Equity Strategy Fund shares last traded at $5.66, with a volume of 31,223 shares trading hands.

Madison Covered Call & Equity Strategy Fund Price Performance

The stock’s 50-day moving average price is $5.64 and its 200-day moving average price is $5.76.

Madison Covered Call & Equity Strategy Fund Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Thursday, October 1st. Investors of record on Tuesday, September 15th will be paid a dividend of $0.06 per share. The ex-dividend date is Tuesday, September 15th. This represents a c) annualized dividend and a yield of 12.9%.

Hedge Funds Weigh In On Madison Covered Call & Equity Strategy Fund

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Axiom Investment Management LLC acquired a new stake in shares of Madison Covered Call & Equity Strategy Fund during the 1st quarter worth approximately $25,000. Kestra Advisory Services LLC bought a new position in Madison Covered Call & Equity Strategy Fund during the 4th quarter worth $37,000. International Assets Investment Management LLC bought a new position in Madison Covered Call & Equity Strategy Fund during the 4th quarter worth $43,000. Bank of America Corp DE acquired a new stake in Madison Covered Call & Equity Strategy Fund in the second quarter worth $48,000. Finally, Jane Street Group LLC acquired a new stake in Madison Covered Call & Equity Strategy Fund in the fourth quarter worth $67,000.

About Madison Covered Call & Equity Strategy Fund

Madison Covered Call & Equity Strategy Fund (NYSE: MCN) is a closed-end management investment company designed to provide investors with total return through a blend of current income and capital appreciation. Listed on the New York Stock Exchange, the Fund pursues its objective by investing primarily in equity securities of U.S. companies and employing an options overlay to enhance income generation.

The Fund’s investment approach centers on fundamental analysis to identify large- and mid-cap stocks with attractive risk/return profiles.