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

The GDL Fund (NYSE:GDL) was the recipient of a significant drop in short interest in March. As of March 15th, there was short interest totalling 12,200 shares, a drop 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 presently 0.7 days.

Hedge Funds Weigh In On The GDL Fund

Several institutional investors and hedge funds have recently bought and sold shares of GDL. GABELLI & Co INVESTMENT ADVISERS INC. purchased a new stake in shares of The GDL Fund during the 4th quarter valued at approximately $14,810,000. Kovitz Investment Group Partners LLC acquired a new stake in The GDL Fund during the third quarter worth $6,243,000. Independent Advisor Alliance purchased a new stake in The GDL Fund in the fourth quarter valued at $4,920,000. Gamco Investors INC. ET AL increased its position 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 during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in The GDL Fund by 98.9% in the 4th quarter. Wells Fargo & Company MN now owns 59,166 shares of the investment management company’s stock valued at $475,000 after buying an additional 29,423 shares during the period.

The GDL Fund Stock Down 0.5 %

NYSE:GDL traded down $0.04 during trading hours on Monday, hitting $8.23. The company had a trading volume of 12,986 shares, compared to its average volume of 11,494. The GDL Fund has a 1 year low of $7.76 and a 1 year high of $8.40. The company has a 50-day moving average of $8.28 and a 200 day moving average of $8.17.

The GDL Fund Announces Dividend

The company also recently disclosed 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. This represents a $0.48 annualized dividend and a yield of 5.83%. The ex-dividend date of this dividend was Monday, March 17th.

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.