The GDL Fund (NYSE:GDL) Shares Up 0.5% – Still a Buy?

The GDL Fund (NYSE:GDL)’s share price rose 0.5% during trading on Friday. The stock traded as high as $8.34 and last traded at $8.2750. Approximately 9,351 shares traded hands during mid-day trading, a decline of 12% from the average daily volume of 10,665 shares. The stock had previously closed at $8.23.

The GDL Fund Stock Up 0.5%

The business has a 50 day moving average price of $8.35 and a 200 day moving average price of $8.43.

The GDL Fund Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 5.8%. The ex-dividend date of this dividend was Wednesday, September 16th.

Institutional Investors Weigh In On The GDL Fund

Institutional investors have recently made changes to their positions in the company. Uhlmann Price Securities LLC purchased a new position in The GDL Fund in the 3rd quarter worth approximately $90,000. Park Avenue Securities LLC boosted its stake in The GDL Fund by 2.6% during the 3rd quarter. Park Avenue Securities LLC now owns 84,771 shares of the investment management company’s stock valued at $707,000 after purchasing an additional 2,167 shares during the last quarter. GatePass Capital LLC boosted its stake in The GDL Fund by 87.1% during the 1st quarter. GatePass Capital LLC now owns 53,150 shares of the investment management company’s stock valued at $443,000 after purchasing an additional 24,750 shares during the last quarter. Finally, Private Advisor Group LLC increased its holdings in shares of The GDL Fund by 25.1% in the 1st quarter. Private Advisor Group LLC now owns 14,970 shares of the investment management company’s stock worth $125,000 after purchasing an additional 3,000 shares in the last quarter.

The GDL Fund Company Profile

The GDL Fund (NYSE:GDL) is a diversified, closed-end management investment company. The fund seeks to generate high current income, with capital appreciation as a secondary objective.

To pursue these objectives, The GDL Fund invests primarily in a diversified portfolio of debt securities, including below-investment-grade debt, senior secured loans and other credit-related instruments. Its holdings may include securities issued by companies and entities across a range of industries and geographic markets.

The fund is managed by Goldman Sachs Asset Management, L.P., an investment management firm that provides portfolio management and other investment services.