The GDL Fund (NYSE:GDL) Stock Price Passes Above 200-Day Moving Average – Should You Sell?

The GDL Fund (NYSE:GDL) passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $7.97 and traded as high as $8.18. The GDL Fund shares last traded at $8.17, with a volume of 1,792 shares traded.

The GDL Fund Stock Performance

The firm has a 50 day moving average of $8.11 and a 200-day moving average of $7.98.

The GDL Fund Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Monday, September 16th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 5.90%. The ex-dividend date of this dividend was Monday, September 16th.

Hedge Funds Weigh In On The GDL Fund

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cornerstone Advisors LLC increased its holdings in The GDL Fund by 9.3% in the 2nd quarter. Cornerstone Advisors LLC now owns 188,288 shares of the investment management company’s stock valued at $1,476,000 after acquiring an additional 16,075 shares during the last quarter. NewEdge Advisors LLC increased its holdings in shares of The GDL Fund by 3.9% in the second quarter. NewEdge Advisors LLC now owns 121,605 shares of the investment management company’s stock worth $953,000 after purchasing an additional 4,613 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its position in shares of The GDL Fund by 25.3% in the first quarter. B. Riley Wealth Advisors Inc. now owns 61,796 shares of the investment management company’s stock worth $479,000 after buying an additional 12,469 shares in the last quarter. Sanctuary Advisors LLC bought a new position in The GDL Fund during the second quarter valued at approximately $176,000. Finally, Wolverine Asset Management LLC grew its holdings in The GDL Fund by 45.6% during the 2nd quarter. Wolverine Asset Management LLC now owns 5,233 shares of the investment management company’s stock valued at $41,000 after buying an additional 1,638 shares in 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.