Short Interest in The GDL Fund (NYSE:GDL) Increases By 366.7%

The GDL Fund (NYSE:GDL) saw a significant increase in short interest during the month of July. As of July 15th, there was short interest totalling 4,200 shares, an increase of 366.7% from the June 30th total of 900 shares. Based on an average daily volume of 10,800 shares, the days-to-cover ratio is presently 0.4 days.

Hedge Funds Weigh In On The GDL Fund

A number of institutional investors and hedge funds have recently bought and sold shares of GDL. B. Riley Wealth Advisors Inc. boosted its holdings in The GDL Fund by 25.3% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 61,796 shares of the investment management company’s stock valued at $479,000 after purchasing an additional 12,469 shares during the period. Park Avenue Securities LLC lifted its stake in shares of The GDL Fund by 4.2% in the first quarter. Park Avenue Securities LLC now owns 88,958 shares of the investment management company’s stock valued at $708,000 after buying an additional 3,581 shares during the period. Cornerstone Advisors LLC raised its holdings in The GDL Fund by 2.8% in the 4th quarter. Cornerstone Advisors LLC now owns 182,343 shares of the investment management company’s stock valued at $1,466,000 after acquiring an additional 5,018 shares in the last quarter. Finally, Zazove Associates LLC lifted its position in shares of The GDL Fund by 6.5% in the 4th quarter. Zazove Associates LLC now owns 378,222 shares of the investment management company’s stock worth $3,041,000 after acquiring an additional 23,071 shares during the period.

The GDL Fund Price Performance

NYSE:GDL traded up $0.01 during mid-day trading on Friday, hitting $7.98. 3,742 shares of the company’s stock traded hands, compared to its average volume of 10,907. The firm has a 50 day moving average of $7.90 and a two-hundred day moving average of $7.89. The GDL Fund has a 12 month low of $7.65 and a 12 month high of $8.13.

The GDL Fund Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Stockholders of record on Thursday, June 13th were given a $0.12 dividend. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.48 annualized dividend and a dividend yield of 6.02%.

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.