The GDL Fund (NYSE:GDL) Stock Crosses Above 200 Day Moving Average – Time to Sell?

The GDL Fund (NYSE:GDL) shares passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $7.96 and traded as high as $8.14. The GDL Fund shares last traded at $8.12, with a volume of 9,125 shares trading hands.

The GDL Fund Stock Up 0.4 %

The company’s fifty day simple moving average is $8.09 and its 200-day simple moving average is $7.96.

The GDL Fund Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Monday, September 16th were paid a dividend of $0.12 per share. The ex-dividend date was Monday, September 16th. This represents a $0.48 annualized dividend and a yield of 5.89%.

Institutional Investors Weigh In On The GDL Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wolverine Asset Management LLC increased its holdings in shares of The GDL Fund by 45.6% during the second quarter. Wolverine Asset Management LLC now owns 5,233 shares of the investment management company’s stock valued at $41,000 after acquiring an additional 1,638 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in The GDL Fund during the 2nd quarter worth approximately $176,000. B. Riley Wealth Advisors Inc. increased its stake in The GDL Fund by 25.3% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 61,796 shares of the investment management company’s stock valued at $479,000 after purchasing an additional 12,469 shares in the last quarter. Park Avenue Securities LLC raised its holdings in shares of The GDL Fund by 4.2% in the first quarter. Park Avenue Securities LLC now owns 88,958 shares of the investment management company’s stock worth $708,000 after buying an additional 3,581 shares during the last quarter. Finally, NewEdge Advisors LLC lifted its stake in shares of The GDL Fund by 3.9% during the second quarter. NewEdge Advisors LLC now owns 121,605 shares of the investment management company’s stock worth $953,000 after buying an additional 4,613 shares during the period.

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.