The GDL Fund (NYSE:GDL) Sees Significant Drop in Short Interest

The GDL Fund (NYSE:GDL) saw a significant decline in short interest in the month of March. As of March 15th, there was short interest totalling 12,200 shares, a decline of 31.5% from the February 28th total of 17,800 shares. Based on an average trading volume of 17,800 shares, the days-to-cover ratio is currently 0.7 days.

Institutional Investors Weigh In On The GDL Fund

Several large investors have recently modified their holdings of GDL. Kovitz Investment Group Partners LLC acquired a new position in The GDL Fund in the third quarter valued at $6,243,000. Park Avenue Securities LLC raised its position in shares of The GDL Fund by 8.1% in 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 in the last quarter. Independent Advisor Alliance acquired a new position in shares of The GDL Fund in the 4th quarter valued at about $4,920,000. Wells Fargo & Company MN boosted its position in shares of The GDL Fund by 98.9% during the 4th quarter. Wells Fargo & Company MN now owns 59,166 shares of the investment management company’s stock valued at $475,000 after purchasing an additional 29,423 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its position in shares of The GDL Fund by 3.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 97,327 shares of the investment management company’s stock valued at $781,000 after purchasing an additional 3,519 shares in the last quarter.

The GDL Fund Stock Performance

GDL stock traded up $0.04 during trading on Tuesday, hitting $8.27. The company had a trading volume of 2,575 shares, compared to its average volume of 11,459. The business has a 50-day moving average of $8.28 and a 200-day moving average of $8.17. The GDL Fund has a one year low of $7.76 and a one year high of $8.40.

The GDL Fund Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Monday, March 17th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.81%. The ex-dividend date was Monday, March 17th.

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.