The GDL Fund (NYSE:GDL) Shares Pass Above 200 Day Moving Average – Should You Sell?

The GDL Fund (NYSE:GDL)’s share price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $8.14 and traded as high as $8.38. The GDL Fund shares last traded at $8.35, with a volume of 7,519 shares.

The GDL Fund Stock Performance

The stock’s fifty day moving average price is $8.22 and its two-hundred day moving average price is $8.14.

The GDL Fund Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Monday, March 17th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.76%.

Institutional Trading of The GDL Fund

Several institutional investors and hedge funds have recently bought and sold shares of GDL. Cornerstone Advisors LLC lifted its holdings in The GDL Fund by 6.7% in the third quarter. Cornerstone Advisors LLC now owns 200,987 shares of the investment management company’s stock worth $1,638,000 after buying an additional 12,699 shares during the period. Landscape Capital Management L.L.C. grew its position in The GDL Fund by 26.6% in the 3rd quarter. Landscape Capital Management L.L.C. now owns 13,410 shares of the investment management company’s stock worth $109,000 after purchasing an additional 2,820 shares during the period. Kovitz Investment Group Partners LLC bought a new stake in The GDL Fund in the 3rd quarter worth approximately $6,243,000. Park Avenue Securities LLC boosted its stake in shares of The GDL Fund by 8.1% during the 4th quarter. Park Avenue Securities LLC now owns 90,208 shares of the investment management company’s stock worth $723,000 after acquiring an additional 6,736 shares during the last quarter. Finally, Independent Advisor Alliance purchased a new position in shares of The GDL Fund during the 4th quarter worth $4,920,000.

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.