Madison Covered Call & Equity Strategy Fund (NYSE:MCN) Shares Cross Below 200 Day Moving Average – Time to Sell?

Madison Covered Call & Equity Strategy Fund (NYSE:MCN) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $5.97 and traded as low as $5.94. Madison Covered Call & Equity Strategy Fund shares last traded at $5.9550, with a volume of 32,620 shares traded.

Madison Covered Call & Equity Strategy Fund Stock Performance

The stock’s 50-day moving average price is $5.91 and its 200-day moving average price is $5.97.

Madison Covered Call & Equity Strategy Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, June 1st. Shareholders of record on Friday, May 15th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, May 15th. This represents a c) annualized dividend and a yield of 12.1%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Royal Bank of Canada grew its position in shares of Madison Covered Call & Equity Strategy Fund by 5.9% in the first quarter. Royal Bank of Canada now owns 44,179 shares of the investment management company’s stock valued at $271,000 after purchasing an additional 2,447 shares during the last quarter. Jane Street Group LLC purchased a new position in Madison Covered Call & Equity Strategy Fund during the fourth quarter worth $67,000. Kestra Advisory Services LLC acquired a new position in shares of Madison Covered Call & Equity Strategy Fund in the fourth quarter worth $37,000. Fifth Third Bancorp purchased a new position in Madison Covered Call & Equity Strategy Fund in the 1st quarter valued at about $265,000. Finally, World Equity Group Inc. lifted its holdings in Madison Covered Call & Equity Strategy Fund by 2.4% in the 1st quarter. World Equity Group Inc. now owns 113,928 shares of the investment management company’s stock valued at $664,000 after purchasing an additional 2,698 shares in the last quarter.

About Madison Covered Call & Equity Strategy Fund

Madison Covered Call & Equity Strategy Fund (NYSE: MCN) is a closed-end management investment company designed to provide investors with total return through a blend of current income and capital appreciation. Listed on the New York Stock Exchange, the Fund pursues its objective by investing primarily in equity securities of U.S. companies and employing an options overlay to enhance income generation.

The Fund’s investment approach centers on fundamental analysis to identify large- and mid-cap stocks with attractive risk/return profiles.