The Gabelli Equity Trust Inc. (NYSE:GAB) Sees Large Increase in Short Interest

The Gabelli Equity Trust Inc. (NYSE:GAB) was the recipient of a large increase in short interest during the month of March. As of March 31st, there was short interest totalling 1,040,000 shares, an increase of 23.0% from the March 15th total of 845,300 shares. Based on an average trading volume of 591,800 shares, the short-interest ratio is currently 1.8 days. Currently, 0.3% of the shares of the stock are sold short.

Hedge Funds Weigh In On The Gabelli Equity Trust

A number of institutional investors have recently modified their holdings of the company. Kentucky Trust Co acquired a new position in The Gabelli Equity Trust in the 4th quarter valued at $40,000. Aurora Private Wealth Inc. acquired a new stake in The Gabelli Equity Trust in the 4th quarter worth about $56,000. Bank of Montreal Can purchased a new stake in The Gabelli Equity Trust in the 4th quarter valued at about $56,000. Strategic Financial Concepts LLC purchased a new position in shares of The Gabelli Equity Trust during the 4th quarter worth about $58,000. Finally, Elequin Capital LP acquired a new stake in shares of The Gabelli Equity Trust in the fourth quarter worth approximately $69,000. Institutional investors and hedge funds own 7.24% of the company’s stock.

The Gabelli Equity Trust Stock Up 1.2 %

Shares of NYSE GAB traded up $0.07 on Friday, hitting $5.28. The company’s stock had a trading volume of 640,063 shares, compared to its average volume of 575,045. The stock has a 50 day moving average of $5.44 and a 200-day moving average of $5.49. The Gabelli Equity Trust has a 12-month low of $4.50 and a 12-month high of $5.85.

The Gabelli Equity Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Monday, March 17th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 11.37%. The ex-dividend date of this dividend was Monday, March 17th.

The Gabelli Equity Trust Company Profile

The Gabelli Equity Trust Inc is a closed ended equity mutual fund launched by GAMCO Investors, Inc The fund is managed by Gabelli Funds, LLC. It invests in public equity markets of the United States. The fund seeks to invest in stocks of companies operating across diversified sectors. It invests in preferred stock, convertible or exchangeable securities, and warrants and rights.