The GDL Fund (NYSE:GDL) Shares Cross Above 200-Day Moving Average – Time to Sell?

The GDL Fund (NYSE:GDL) shares crossed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $8.46 and traded as high as $8.50. The GDL Fund shares last traded at $8.48, with a volume of 6,492 shares changing hands.

The GDL Fund Price Performance

The stock has a 50-day moving average price of $8.43 and a two-hundred day moving average price of $8.46.

The GDL Fund Dividend Announcement

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

Hedge Funds Weigh In On The GDL Fund

Several hedge funds have recently modified their holdings of the stock. Raymond James Financial Inc. purchased a new position in shares of The GDL Fund in the 2nd quarter valued at approximately $29,000. Closed End Fund Advisors Inc. acquired a new stake in The GDL Fund in the 4th quarter worth approximately $95,000. Private Advisor Group LLC grew its position in The GDL Fund by 25.1% during the 1st quarter. Private Advisor Group LLC now owns 14,970 shares of the investment management company’s stock worth $125,000 after purchasing an additional 3,000 shares during the last quarter. Evolve Private Wealth LLC purchased a new stake in The GDL Fund during the 4th quarter worth approximately $164,000. Finally, GatePass Capital LLC acquired a new position in The GDL Fund during the 4th quarter valued at approximately $241,000.

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.