Short Interest in The GDL Fund (NYSE:GDL) Drops By 33.8%

The GDL Fund (NYSE:GDL) was the recipient of a significant decrease in short interest in the month of May. As of May 31st, there was short interest totalling 4,300 shares, a decrease of 33.8% from the May 15th total of 6,500 shares. Based on an average daily trading volume, of 9,400 shares, the short-interest ratio is currently 0.5 days.

The GDL Fund Trading Up 0.3 %

Shares of GDL traded up $0.02 during midday trading on Friday, hitting $7.81. 4,323 shares of the company traded hands, compared to its average volume of 9,926. The stock has a 50-day moving average of $7.86 and a 200-day moving average of $7.90. The GDL Fund has a one year low of $7.65 and a one year high of $8.13.

The GDL Fund Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 21st. Stockholders of record on Thursday, June 13th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 6.15%. The ex-dividend date of this dividend is Thursday, June 13th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of GDL. Wolverine Asset Management LLC grew its holdings in shares of The GDL Fund by 360.6% during the third quarter. Wolverine Asset Management LLC now owns 6,891 shares of the investment management company’s stock worth $53,000 after purchasing an additional 5,395 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its holdings in shares of The GDL Fund by 10.0% during the third quarter. B. Riley Wealth Advisors Inc. now owns 61,796 shares of the investment management company’s stock worth $479,000 after purchasing an additional 5,608 shares in the last quarter. Park Avenue Securities LLC grew its holdings in shares of The GDL Fund by 4.2% during the first quarter. Park Avenue Securities LLC now owns 88,958 shares of the investment management company’s stock worth $708,000 after purchasing an additional 3,581 shares in the last quarter. Cornerstone Advisors LLC grew its holdings in shares of The GDL Fund by 2.8% during the fourth quarter. Cornerstone Advisors LLC now owns 182,343 shares of the investment management company’s stock worth $1,466,000 after purchasing an additional 5,018 shares in the last quarter. Finally, Zazove Associates LLC grew its holdings in shares of The GDL Fund by 6.5% during the fourth quarter. Zazove Associates LLC now owns 378,222 shares of the investment management company’s stock worth $3,041,000 after purchasing an additional 23,071 shares in the last quarter.

The GDL Fund Company Profile

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.