The GDL Fund (NYSE:GDL) Stock Price Passes Above Two Hundred Day Moving Average – Here’s Why

The GDL Fund (NYSE:GDL) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $8.50 and traded as high as $8.53. The GDL Fund shares last traded at $8.4690, with a volume of 25,905 shares traded.

The GDL Fund Price Performance

The company has a 50-day simple moving average of $8.49 and a 200-day simple moving average of $8.50.

The GDL Fund Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 24th. Stockholders of record on Tuesday, March 17th will be paid a $0.12 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.7%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. bought a new stake in The GDL Fund during the 2nd quarter worth about $29,000. Closed End Fund Advisors Inc. bought a new position in shares of The GDL Fund in the fourth quarter worth about $95,000. Evolve Private Wealth LLC bought a new position in shares of The GDL Fund in the fourth quarter worth about $164,000. GatePass Capital LLC acquired a new position in shares of The GDL Fund during the fourth quarter worth approximately $241,000. Finally, Osaic Holdings Inc. lifted its position 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 worth $329,000 after purchasing an additional 35,251 shares in the last quarter.

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.