Short Interest in The GDL Fund (NYSE:GDL) Declines By 31.5%

The GDL Fund (NYSE:GDL) saw a large 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.

The GDL Fund Stock Performance

Shares of NYSE GDL traded down $0.01 during midday trading on Friday, reaching $8.28. The stock had a trading volume of 8,400 shares, compared to its average volume of 11,488. The stock has a 50-day moving average of $8.28 and a 200-day moving average of $8.16. The GDL Fund has a 12-month low of $7.76 and a 12-month high of $8.40.

The GDL Fund Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors 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 dividend on an annualized basis and a dividend yield of 5.80%.

Institutional Trading of The GDL Fund

A number of institutional investors and hedge funds have recently bought and sold shares of GDL. Wells Fargo & Company MN boosted its holdings 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 during the last quarter. Park Avenue Securities LLC increased its holdings in shares of The GDL Fund by 8.1% in the fourth quarter. Park Avenue Securities LLC now owns 90,208 shares of the investment management company’s stock worth $723,000 after purchasing an additional 6,736 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in shares of The GDL Fund by 3.8% in the fourth quarter. Envestnet Asset Management Inc. now owns 97,327 shares of the investment management company’s stock worth $781,000 after buying an additional 3,519 shares in the last quarter. Gamco Investors INC. ET AL boosted its stake in 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 valued at $3,537,000 after buying an additional 126,300 shares during the last quarter. Finally, Independent Advisor Alliance purchased a new position in The GDL Fund during the 4th quarter valued at approximately $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.