The GDL Fund (NYSE:GDL) Share Price Passes Above 200 Day Moving Average – Time to Sell?

The GDL Fund (NYSE:GDL) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $8.47 and traded as high as $8.49. The GDL Fund shares last traded at $8.45, with a volume of 16,170 shares traded.

The GDL Fund Price Performance

The business has a 50-day moving average of $8.43 and a 200-day moving average of $8.47.

The GDL Fund Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Stockholders of record on Tuesday, March 17th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 5.7%. The ex-dividend date was Tuesday, March 17th.

Institutional Investors Weigh In On The GDL Fund

Hedge funds and other institutional investors have recently modified their holdings of the business. Raymond James Financial Inc. purchased a new stake in shares of The GDL Fund in the second quarter worth approximately $29,000. Closed End Fund Advisors Inc. purchased a new position in The GDL Fund in the 4th quarter worth about $95,000. NewEdge Advisors LLC increased its stake in The GDL Fund by 2.0% in the 4th quarter. NewEdge Advisors LLC now owns 127,532 shares of the investment management company’s stock worth $1,080,000 after buying an additional 2,497 shares during the period. Focus Partners Wealth purchased a new position in The GDL Fund in the 4th quarter worth about $5,013,000. Finally, Osaic Holdings Inc. increased its stake in The GDL Fund by 840.5% in the 2nd quarter. Osaic Holdings Inc. now owns 39,445 shares of the investment management company’s stock worth $329,000 after buying an additional 35,251 shares during the period.

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.