Madison Covered Call & Equity Strategy Fund (NYSE:MCN) Stock Price Passes Below 200 Day Moving Average – What’s Next?

Madison Covered Call & Equity Strategy Fund (NYSE:MCN) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $5.95 and traded as low as $5.78. Madison Covered Call & Equity Strategy Fund shares last traded at $5.8650, with a volume of 57,040 shares.

Madison Covered Call & Equity Strategy Fund Stock Up 0.9%

The stock has a 50 day simple moving average of $5.87 and a 200 day simple moving average of $5.95.

Madison Covered Call & Equity Strategy Fund Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 15th will be paid a $0.06 dividend. This represents a c) dividend on an annualized basis and a yield of 12.3%. The ex-dividend date of this dividend is Friday, May 15th.

Institutional Investors Weigh In On Madison Covered Call & Equity Strategy Fund

A number of hedge funds have recently added to or reduced their stakes in MCN. Royal Bank of Canada grew its stake in Madison Covered Call & Equity Strategy Fund by 5.9% in the first quarter. Royal Bank of Canada now owns 44,179 shares of the investment management company’s stock valued at $271,000 after acquiring an additional 2,447 shares during the period. Cetera Investment Advisers acquired a new stake in Madison Covered Call & Equity Strategy Fund in the second quarter valued at approximately $88,000. Invesco Ltd. acquired a new stake in Madison Covered Call & Equity Strategy Fund in the second quarter valued at approximately $1,305,000. Bank of America Corp DE acquired a new stake in Madison Covered Call & Equity Strategy Fund in the second quarter valued at approximately $48,000. Finally, Raymond James Financial Inc. grew its stake in Madison Covered Call & Equity Strategy Fund by 4.3% in the third quarter. Raymond James Financial Inc. now owns 193,822 shares of the investment management company’s stock valued at $1,196,000 after acquiring an additional 7,916 shares during the period.

About Madison Covered Call & Equity Strategy Fund

Madison Covered Call & Equity Strategy Fund (NYSE: MCN) is a closed-end management investment company designed to provide investors with total return through a blend of current income and capital appreciation. Listed on the New York Stock Exchange, the Fund pursues its objective by investing primarily in equity securities of U.S. companies and employing an options overlay to enhance income generation.

The Fund’s investment approach centers on fundamental analysis to identify large- and mid-cap stocks with attractive risk/return profiles.