GDL Fund said on May 18, 2023 that its board of directors declared a regular quarterly dividend of $0.12 per share ($0.48 annualized). Previously, the company paid $0.12 per share.
Shares must be purchased before the ex-div date of June 14, 2023 to qualify for the dividend. Shareholders of record as of June 15, 2023 will receive the payment on June 23, 2023.
At the current share price of $7.79 / share, the stock's dividend yield is 6.16%.
Looking back five years and taking a sample every week, the average dividend yield has been 5.51%, the lowest has been 4.99%, and the highest has been 7.20%. The standard deviation of yields is 0.35 (n=237).
The current dividend yield is 1.85 standard deviations above the historical average.
The company has not increased its dividend in the last three years.
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What is the Fund Sentiment?
There are 35 funds or institutions reporting positions in GDL Fund. This is a decrease of 1 owner(s) or 2.78% in the last quarter. Average portfolio weight of all funds dedicated to GDL is 0.14%, a decrease of 4.86%. Total shares owned by institutions decreased in the last three months by 13.66% to 4,013K shares.
What are Other Shareholders Doing?
Relative Value Partners Group holds 961K shares. In it's prior filing, the firm reported owning 1,057K shares, representing a decrease of 9.95%. The firm increased its portfolio allocation in GDL by 88,126.34% over the last quarter.
Zazove Associates holds 355K shares. In it's prior filing, the firm reported owning 320K shares, representing an increase of 9.80%. The firm increased its portfolio allocation in GDL by 108,956.64% over the last quarter.
Gamco Investors, Inc. Et Al holds 313K shares. In it's prior filing, the firm reported owning 312K shares, representing an increase of 0.17%. The firm increased its portfolio allocation in GDL by 0.27% over the last quarter.
Bank Of America holds 300K shares. In it's prior filing, the firm reported owning 310K shares, representing a decrease of 3.23%. The firm decreased its portfolio allocation in GDL by 77.71% over the last quarter.
Atlas Wealth holds 257K shares. In it's prior filing, the firm reported owning 690K shares, representing a decrease of 168.78%. The firm decreased its portfolio allocation in GDL by 72.90% over the last quarter.
GDL Fund Background Information
(This description is provided by the company.)
The GDL Fund is a diversified, closed-end management investment company. The Fund’s investment objective is to achieve absolute returns in various market conditions without excessive risk of capital. Absolute returns are defined as positive total returns, regardless of the direction of securities markets. The Fund will seek to achieve its objective by investing primarily in merger arbitrage transactions and, to a lesser extent, in corporate reorganizations involving stubs, spin-offs, and liquidations.
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
