The GDL Fund (NYSE:GDL – Get Free Report) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totaling 8,903 shares, an increase of 65.2% from the September 15th total of 5,389 shares. Based on an average trading volume of 14,329 shares, the days-to-cover ratio is presently 0.6 days.
The GDL Fund Price Performance
Shares of GDL opened at $8.31 on Friday. The GDL Fund has a 1 year low of $8.01 and a 1 year high of $8.67. The company’s 50-day simple moving average is $8.39 and its 200-day simple moving average is $8.42.
The GDL Fund Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th were issued a $0.12 dividend. The ex-dividend date was Wednesday, September 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.8%.
Institutional Investors Weigh In On The GDL Fund
An institutional investor recently raised its stake in The GDL Fund stock. GatePass Capital LLC raised its holdings in The GDL Fund (NYSE:GDL – Free Report) by 87.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,150 shares of the investment management company’s stock after buying an additional 24,750 shares during the period. GatePass Capital LLC’s holdings in The GDL Fund were worth $443,000 as of its most recent SEC filing.
About The GDL Fund
The GDL Fund, Inc (NYSE:GDL) is a closed-end investment company focused on long-term capital appreciation. The fund invests in event-driven opportunities, including merger arbitrage, restructurings, recapitalizations, tender offers, exchange offers and other corporate transactions that may create potential investment opportunities.
Its portfolio may include equity, debt and other securities issued by companies involved in significant corporate or financial events. Through this strategy, the fund seeks to benefit from changes in the value of securities as transactions are announced, negotiated or completed.
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