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

Shares of The GDL Fund (NYSE:GDL) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $8.44 and traded as high as $8.47. The GDL Fund shares last traded at $8.47, with a volume of 5,443 shares trading hands.

The GDL Fund Trading Up 0.1%

The company has a 50-day moving average price of $8.49 and a two-hundred day moving average price of $8.44.

The GDL Fund Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 12th were paid a $0.12 dividend. The ex-dividend date of this dividend was Friday, December 12th. This represents a $0.48 annualized dividend and a yield of 5.7%.

Institutional Investors Weigh In On The GDL Fund

Several hedge funds and other institutional investors have recently modified their holdings of the business. NewEdge Advisors LLC lifted its stake in shares of The GDL Fund by 1.5% during the 1st quarter. NewEdge Advisors LLC now owns 126,162 shares of the investment management company’s stock worth $1,039,000 after acquiring an additional 1,840 shares during the last quarter. Park Avenue Securities LLC bought a new position in The GDL Fund in the 2nd quarter valued at $715,000. Matisse Capital purchased a new stake in The GDL Fund in the second quarter worth $141,000. Raymond James Financial Inc. bought a new stake in shares of The GDL Fund during the second quarter worth $29,000. Finally, Osaic Holdings Inc. lifted its position 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 worth $329,000 after purchasing an additional 35,251 shares during the last quarter.

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.