Short Interest in The GDL Fund (NYSE:GDL) Grows By 420.0%

The GDL Fund (NYSE:GDL) was the target of a large increase in short interest during the month of February. As of February 15th, there was short interest totalling 10,400 shares, an increase of 420.0% from the January 31st total of 2,000 shares. Based on an average daily trading volume, of 18,500 shares, the days-to-cover ratio is currently 0.6 days.

The GDL Fund Trading Up 0.7 %

NYSE:GDL traded up $0.06 during mid-day trading on Friday, reaching $8.37. The stock had a trading volume of 9,794 shares, compared to its average volume of 21,228. The business’s 50 day moving average is $8.18 and its 200 day moving average is $8.13. The GDL Fund has a fifty-two week low of $7.72 and a fifty-two week high of $8.38.

The GDL Fund Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Monday, March 17th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.48 annualized dividend and a yield of 5.74%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in shares of The GDL Fund in the fourth quarter valued at approximately $14,810,000. Kovitz Investment Group Partners LLC bought a new position in The GDL Fund in the 3rd quarter worth approximately $6,243,000. Independent Advisor Alliance bought a new position in The GDL Fund during the fourth quarter worth $4,920,000. Gamco Investors INC. ET AL raised its stake in The GDL Fund by 40.1% during the 4th quarter. Gamco Investors INC. ET AL now owns 441,040 shares of the investment management company’s stock valued at $3,537,000 after purchasing an additional 126,300 shares during the last quarter. Finally, Wells Fargo & Company MN grew its position in The GDL Fund by 98.9% in the 4th quarter. Wells Fargo & Company MN now owns 59,166 shares of the investment management company’s stock worth $475,000 after purchasing an additional 29,423 shares during 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.