The GDL Fund (NYSE:GDL) Trading Up 0.5% – Here’s Why

The GDL Fund (NYSE:GDL)’s stock price traded up 0.5% on Friday . The company traded as high as $8.14 and last traded at $8.11. 1,336 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 9,446 shares. The stock had previously closed at $8.07.

The GDL Fund Price Performance

The business has a 50-day simple moving average of $8.13 and a two-hundred day simple moving average of $8.03.

The GDL Fund Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 13th will be paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 5.92%. The ex-dividend date of this dividend is Friday, December 13th.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Wolverine Asset Management LLC lifted its stake in shares of The GDL Fund by 45.6% in the second quarter. Wolverine Asset Management LLC now owns 5,233 shares of the investment management company’s stock worth $41,000 after buying an additional 1,638 shares during the last quarter. Landscape Capital Management L.L.C. raised its position in shares of The GDL Fund by 26.6% during the third quarter. Landscape Capital Management L.L.C. now owns 13,410 shares of the investment management company’s stock valued at $109,000 after buying an additional 2,820 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in The GDL Fund during the second quarter worth about $176,000. NewEdge Advisors LLC raised its holdings in The GDL Fund by 3.9% in the 2nd quarter. NewEdge Advisors LLC now owns 121,605 shares of the investment management company’s stock valued at $953,000 after acquiring an additional 4,613 shares in the last quarter. Finally, Cornerstone Advisors LLC lifted its position in shares of 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 worth $1,476,000 after acquiring an additional 16,075 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.