The GDL Fund (NYSE:GDL) Shares Pass Above Two Hundred Day Moving Average – What’s Next?

The GDL Fund (NYSE:GDL) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $8.43 and traded as high as $8.52. The GDL Fund shares last traded at $8.4850, with a volume of 5,302 shares trading hands.

The GDL Fund Price Performance

The stock has a 50-day moving average of $8.49 and a two-hundred day moving average of $8.43.

The GDL Fund Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 12th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 5.7%. The ex-dividend date of this dividend is Friday, December 12th.

Hedge Funds Weigh In On The GDL Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC grew its position in 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 purchasing an additional 1,840 shares in the last quarter. Park Avenue Securities LLC acquired a new stake in shares of The GDL Fund in the second quarter worth $715,000. Osaic Holdings Inc. grew its holdings 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 valued at $329,000 after buying an additional 35,251 shares in the last quarter. Matisse Capital acquired a new position in The GDL Fund during the second quarter valued at $141,000. Finally, Raymond James Financial Inc. purchased a new stake in The GDL Fund in the 2nd quarter worth about $29,000.

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.