Madison Covered Call & Equity Strategy Fund (NYSE:MCN) Shares Pass Above 50-Day Moving Average – Time to Sell?

Madison Covered Call & Equity Strategy Fund (NYSE:MCN – Get Free Report)’s share price passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $5.63 and traded as high as $5.67. Madison Covered Call & Equity Strategy Fund shares last traded at $5.66, with a volume of 31,223 shares trading hands.

Madison Covered Call & Equity Strategy Fund Price Performance

The business has a 50-day simple moving average of $5.63 and a two-hundred day simple moving average of $5.77.

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Madison Covered Call & Equity Strategy Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 15th will be paid a $0.06 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 12.7%. The ex-dividend date of this dividend is Tuesday, September 15th.

Institutional Trading of Madison Covered Call & Equity Strategy Fund

Several institutional investors have recently modified their holdings of the company. Royal Bank of Canada boosted its position in shares of Madison Covered Call & Equity Strategy Fund by 5.9% during the 1st 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 in the last quarter. Cetera Investment Advisers bought a new stake in shares of Madison Covered Call & Equity Strategy Fund in the 2nd quarter worth approximately $88,000. Invesco Ltd. bought a new stake in shares of Madison Covered Call & Equity Strategy Fund in the 2nd quarter worth approximately $1,305,000. Bank of America Corp DE bought a new stake in shares of Madison Covered Call & Equity Strategy Fund in the 2nd quarter worth approximately $48,000. Finally, Raymond James Financial Inc. lifted its stake in Madison Covered Call & Equity Strategy Fund by 4.3% during the third quarter. Raymond James Financial Inc. now owns 193,822 shares of the investment management company’s stock valued at $1,196,000 after purchasing an additional 7,916 shares during the last quarter.

About Madison Covered Call & Equity Strategy Fund

(Get Free Report)

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.

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