The GDL Fund (NYSE:GDL) Share Price Crosses Above 200 Day Moving Average – Should You Sell?

The GDL Fund (NYSE:GDL)’s stock price crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $8.15 and traded as high as $8.21. The GDL Fund shares last traded at $8.06, with a volume of 7,037 shares trading hands.

The GDL Fund Stock Up 1.2 %

The company’s 50 day simple moving average is $8.19 and its two-hundred day simple moving average is $8.15.

The GDL Fund Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Monday, March 17th were paid a dividend of $0.12 per share. The ex-dividend date was Monday, March 17th. This represents a $0.48 annualized dividend and a yield of 5.96%.

Institutional Investors Weigh In On The GDL Fund

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. increased its holdings in shares of The GDL Fund by 3.8% during the fourth quarter. Envestnet Asset Management Inc. now owns 97,327 shares of the investment management company’s stock valued at $781,000 after acquiring an additional 3,519 shares in the last quarter. Park Avenue Securities LLC grew its position in The GDL Fund by 8.1% during the 4th quarter. Park Avenue Securities LLC now owns 90,208 shares of the investment management company’s stock worth $723,000 after purchasing an additional 6,736 shares during the last quarter. Wells Fargo & Company MN increased its stake in The GDL Fund by 98.9% during the 4th quarter. Wells Fargo & Company MN now owns 59,166 shares of the investment management company’s stock valued at $475,000 after purchasing an additional 29,423 shares in the last quarter. Gamco Investors INC. ET AL raised its holdings in shares of The GDL Fund by 40.1% in the fourth quarter. Gamco Investors INC. ET AL now owns 441,040 shares of the investment management company’s stock worth $3,537,000 after buying an additional 126,300 shares during the last quarter. Finally, Independent Advisor Alliance acquired a new stake in shares of The GDL Fund during the fourth quarter worth $4,920,000.

About The GDL Fund

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.