The GDL Fund (NYSE:GDL) Trading 0.5% Higher – Still a Buy?

Shares of The GDL Fund (NYSE:GDL) rose 0.5% during mid-day trading on Friday . The stock traded as high as $8.14 and last traded at $8.11. Approximately 1,336 shares traded hands during trading, a decline of 86% from the average daily volume of 9,446 shares. The stock had previously closed at $8.07.

The GDL Fund Stock Up 0.5 %

The firm’s fifty day moving average is $8.13 and its 200 day moving average is $8.03.

The GDL Fund Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 13th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 5.92%. The ex-dividend date is Friday, December 13th.

Institutional Trading of The GDL Fund

Several hedge funds have recently modified their holdings of the stock. Kovitz Investment Group Partners LLC purchased a new stake in shares of The GDL Fund during the 3rd quarter worth $6,243,000. Sanctuary Advisors LLC acquired a new position in The GDL Fund during the 2nd quarter worth approximately $176,000. Cornerstone Advisors LLC raised its position in The GDL Fund by 9.3% in the second quarter. Cornerstone Advisors LLC now owns 188,288 shares of the investment management company’s stock worth $1,476,000 after acquiring an additional 16,075 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of The GDL Fund by 3.9% in the 2nd quarter. NewEdge Advisors LLC now owns 121,605 shares of the investment management company’s stock valued at $953,000 after purchasing an additional 4,613 shares in the last quarter. Finally, Landscape Capital Management L.L.C. increased its holdings in The GDL Fund by 26.6% in the third quarter. Landscape Capital Management L.L.C. now owns 13,410 shares of the investment management company’s stock valued at $109,000 after buying an additional 2,820 shares in the last quarter.

The GDL Fund Company Profile

The GDL Fund is a closed-ended equity mutual fund launched by GAMCO Investors, Inc It is managed by Gabelli Funds, LLC. The fund invests in public equity markets across the globe. It invests in stocks of companies operating across diversified sectors. The fund invests in securities of companies involved in publicly announced mergers, takeovers, tender offers, and leveraged buyouts.