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

The GDL Fund (NYSE:GDL) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $8.46 and traded as high as $8.65. The GDL Fund shares last traded at $8.5990, with a volume of 34,255 shares changing hands.

The GDL Fund Stock Performance

The stock’s 50 day moving average price is $8.47 and its two-hundred day moving average price is $8.46.

The GDL Fund Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 12th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.6%. The ex-dividend date of this dividend was Friday, December 12th.

Institutional Trading of The GDL Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. NewEdge Advisors LLC lifted its holdings in The GDL Fund by 1.5% in the 1st quarter. NewEdge Advisors LLC now owns 126,162 shares of the investment management company’s stock valued at $1,039,000 after purchasing an additional 1,840 shares in the last quarter. Osaic Holdings Inc. raised its position in shares of The GDL Fund by 840.5% in 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 during the last quarter. Matisse Capital acquired a new position in shares of The GDL Fund in the second quarter valued at approximately $141,000. Finally, Raymond James Financial Inc. purchased a new position in shares of The GDL Fund during the second quarter valued at approximately $29,000.

About The GDL Fund

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.