The GDL Fund (NYSE:GDL) Sees Large Decrease in Short Interest

The GDL Fund (NYSE:GDL) was the target of a significant decline in short interest in 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 daily trading volume, of 17,800 shares, the days-to-cover ratio is currently 0.7 days.

The GDL Fund Stock Down 0.5 %

NYSE:GDL traded down $0.04 during mid-day trading on Monday, hitting $8.23. The stock had a trading volume of 12,986 shares, compared to its average volume of 11,494. The GDL Fund has a twelve month low of $7.76 and a twelve month high of $8.40. The stock has a 50-day simple moving average of $8.28 and a two-hundred day simple moving average of $8.17.

The GDL Fund Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Monday, March 17th were given a dividend of $0.12 per share. The ex-dividend date was Monday, March 17th. This represents a $0.48 annualized dividend and a dividend yield of 5.83%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GDL. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in The GDL Fund in the fourth quarter valued at approximately $14,810,000. Gamco Investors INC. ET AL grew its position in shares of The GDL Fund by 40.1% during the fourth quarter. Gamco Investors INC. ET AL now owns 441,040 shares of the investment management company’s stock worth $3,537,000 after acquiring an additional 126,300 shares during the last quarter. Envestnet Asset Management Inc. raised its position in The GDL Fund by 3.8% in 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 during the last quarter. Wells Fargo & Company MN boosted its stake in 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 worth $475,000 after purchasing an additional 29,423 shares during the period. Finally, Independent Advisor Alliance purchased a new position in 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.