The GDL Fund (NYSE:GDL) Share Price Passes Above 200-Day Moving Average – What’s Next?

The GDL Fund (NYSE:GDL) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $8.18 and traded as high as $8.34. The GDL Fund shares last traded at $8.24, with a volume of 26,279 shares traded.

The GDL Fund Stock Performance

The company has a 50 day simple moving average of $8.17 and a two-hundred day simple moving average of $8.18.

The GDL Fund Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 13th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.48 annualized dividend and a dividend yield of 5.83%.

Institutional Investors Weigh In On The GDL Fund

Several hedge funds have recently added to or reduced their stakes in the business. NewEdge Advisors LLC raised 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 valued at $1,039,000 after buying an additional 1,840 shares during the last quarter. Virtu Financial LLC purchased a new position in The GDL Fund during the first quarter valued at approximately $90,000. Wells Fargo & Company MN raised its position in The GDL Fund by 98.9% during the fourth quarter. Wells Fargo & Company MN now owns 59,166 shares of the investment management company’s stock valued at $475,000 after acquiring an additional 29,423 shares in the last quarter. Envestnet Asset Management Inc. lifted its holdings in The GDL Fund by 3.8% in 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 during the period. Finally, Gamco Investors INC. ET AL boosted its position in The GDL Fund by 40.1% in the 4th quarter. Gamco Investors INC. ET AL now owns 441,040 shares of the investment management company’s stock worth $3,537,000 after purchasing an additional 126,300 shares in the last quarter.

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.