Madison Covered Call & Equity Strategy Fund (NYSE:MCN) Share Price Passes Below 200 Day Moving Average – Should You Sell?

Madison Covered Call & Equity Strategy Fund (NYSE:MCN) shares crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $6.07 and traded as low as $6.05. Madison Covered Call & Equity Strategy Fund shares last traded at $6.12, with a volume of 59,157 shares traded.

Madison Covered Call & Equity Strategy Fund Trading Down 0.7%

The business has a 50-day moving average price of $6.06 and a 200-day moving average price of $6.07.

Madison Covered Call & Equity Strategy Fund Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 2nd. Shareholders of record on Tuesday, February 17th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Tuesday, February 17th. This represents a $0.24 dividend on an annualized basis and a yield of 4.0%.

Institutional Investors Weigh In On Madison Covered Call & Equity Strategy Fund

A number of large investors have recently made changes to their positions in the company. Royal Bank of Canada lifted its position in shares of Madison Covered Call & Equity Strategy Fund by 5.9% in the 1st quarter. Royal Bank of Canada now owns 44,179 shares of the investment management company’s stock valued at $271,000 after acquiring an additional 2,447 shares in the last quarter. Calamos Advisors LLC lifted its holdings in shares of Madison Covered Call & Equity Strategy Fund by 31.1% in the second quarter. Calamos Advisors LLC now owns 75,714 shares of the investment management company’s stock valued at $473,000 after purchasing an additional 17,954 shares in the last quarter. Cetera Investment Advisers acquired a new stake in shares of Madison Covered Call & Equity Strategy Fund in the second quarter worth $88,000. Invesco Ltd. purchased a new position in shares of Madison Covered Call & Equity Strategy Fund during the second quarter valued at $1,305,000. Finally, Bank of America Corp DE purchased a new position in shares of Madison Covered Call & Equity Strategy Fund during the second quarter valued at $48,000.

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.