Madison Covered Call & Equity Strategy Fund (NYSE:MCN) Share Price Passes Below 200-Day Moving Average – Here’s Why

Madison Covered Call & Equity Strategy Fund (NYSE:MCN) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $5.90 and traded as low as $5.50. Madison Covered Call & Equity Strategy Fund shares last traded at $5.5350, with a volume of 79,119 shares changing hands.

Madison Covered Call & Equity Strategy Fund Trading Up 0.1%

The business’s 50-day moving average price is $5.78 and its two-hundred day moving average price is $5.90.

Madison Covered Call & Equity Strategy Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid a dividend of $0.06 per share. This represents a c) annualized dividend and a yield of 12.9%. The ex-dividend date of this dividend is Wednesday, July 15th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MCN. Arlington Capital Management Inc. boosted its position in Madison Covered Call & Equity Strategy Fund by 8.1% during the 1st quarter. Arlington Capital Management Inc. now owns 26,834 shares of the investment management company’s stock worth $156,000 after acquiring an additional 2,004 shares during the last quarter. Procyon Advisors LLC boosted its holdings in Madison Covered Call & Equity Strategy Fund by 4.6% during the first quarter. Procyon Advisors LLC now owns 51,686 shares of the investment management company’s stock worth $301,000 after purchasing an additional 2,265 shares during the last quarter. Royal Bank of Canada grew its position in Madison Covered Call & Equity Strategy Fund by 5.9% in the first quarter. Royal Bank of Canada now owns 44,179 shares of the investment management company’s stock valued at $271,000 after purchasing an additional 2,447 shares in the last quarter. World Equity Group Inc. grew its position in Madison Covered Call & Equity Strategy Fund by 2.4% in the first quarter. World Equity Group Inc. now owns 113,928 shares of the investment management company’s stock valued at $664,000 after purchasing an additional 2,698 shares in the last quarter. Finally, Independent Wealth Network Inc. increased its stake in Madison Covered Call & Equity Strategy Fund by 6.6% in the 4th quarter. Independent Wealth Network Inc. now owns 63,039 shares of the investment management company’s stock valued at $378,000 after buying an additional 3,907 shares during the last quarter.

Madison Covered Call & Equity Strategy Fund Company Profile

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.