Short Interest in The GDL Fund (NYSE:GDL) Expands By 132.4%

The GDL Fund (NYSE:GDL) was the recipient of a significant increase in short interest during the month of September. As of September 30th, there was short interest totalling 7,900 shares, an increase of 132.4% from the September 15th total of 3,400 shares. Based on an average daily trading volume, of 7,500 shares, the short-interest ratio is currently 1.1 days.

The GDL Fund Stock Performance

NYSE:GDL remained flat at $8.12 during midday trading on Friday. 572 shares of the company traded hands, compared to its average volume of 9,941. The GDL Fund has a one year low of $7.65 and a one year high of $8.20. The company’s fifty day simple moving average is $8.07 and its 200 day simple moving average is $7.95.

The GDL Fund Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Monday, September 16th were paid a $0.12 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 5.91%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Cornerstone Advisors LLC lifted its holdings in The GDL Fund by 9.3% in the second quarter. Cornerstone Advisors LLC now owns 188,288 shares of the investment management company’s stock valued at $1,476,000 after acquiring an additional 16,075 shares during the period. NewEdge Advisors LLC increased its holdings in shares of The GDL Fund by 3.9% during the 2nd quarter. NewEdge Advisors LLC now owns 121,605 shares of the investment management company’s stock valued at $953,000 after purchasing an additional 4,613 shares in the last quarter. Park Avenue Securities LLC lifted its stake in shares of The GDL Fund by 4.2% in the 1st quarter. Park Avenue Securities LLC now owns 88,958 shares of the investment management company’s stock valued at $708,000 after purchasing an additional 3,581 shares during the period. B. Riley Wealth Advisors Inc. boosted its holdings in The GDL Fund by 25.3% during the first quarter. B. Riley Wealth Advisors Inc. now owns 61,796 shares of the investment management company’s stock worth $479,000 after buying an additional 12,469 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in The GDL Fund during the second quarter valued at $176,000.

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.