Short Interest in The GDL Fund (NYSE:GDL) Drops By 13.0%

The GDL Fund (NYSE:GDL) was the recipient of a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 2,000 shares, a decline of 13.0% from the January 15th total of 2,300 shares. Based on an average daily volume of 13,100 shares, the days-to-cover ratio is currently 0.2 days.

The GDL Fund Stock Performance

GDL stock traded down $0.03 during midday trading on Tuesday, hitting $8.31. 12,950 shares of the stock were exchanged, compared to its average volume of 24,579. The stock’s 50-day moving average price is $8.13 and its 200-day moving average price is $8.11. The GDL Fund has a fifty-two week low of $7.72 and a fifty-two week high of $8.37.

The GDL Fund Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Monday, March 17th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 5.78%. The ex-dividend date of this dividend is Monday, March 17th.

Institutional Trading of The GDL Fund

Large investors have recently modified their holdings of the business. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new position in shares of The GDL Fund during the 4th quarter worth approximately $14,810,000. Kovitz Investment Group Partners LLC purchased a new position in shares of The GDL Fund during the 3rd quarter worth approximately $6,243,000. Independent Advisor Alliance purchased a new position in shares of The GDL Fund during the 4th quarter worth approximately $4,920,000. Gamco Investors INC. ET AL increased its stake in shares of The GDL Fund by 40.1% during the 4th quarter. Gamco Investors INC. ET AL now owns 441,040 shares of the investment management company’s stock worth $3,537,000 after purchasing an additional 126,300 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake 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 worth $475,000 after purchasing an additional 29,423 shares in the last quarter.

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.