Gabelli Equity Trust Inc. (NYSE:GAB) Sees Significant Decline in Short Interest

Gabelli Equity Trust Inc. (NYSE:GAB) was the recipient of a large drop in short interest in May. As of May 31st, there was short interest totalling 1,090,000 shares, a drop of 27.3% from the May 15th total of 1,500,000 shares. Currently, 0.4% of the shares of the stock are short sold. Based on an average trading volume of 612,800 shares, the days-to-cover ratio is presently 1.8 days.

Gabelli Equity Trust Trading Up 0.8%

Shares of GAB stock opened at $5.62 on Friday. Gabelli Equity Trust has a 1 year low of $4.50 and a 1 year high of $5.90. The firm’s 50 day moving average is $5.60 and its 200-day moving average is $5.53.

Gabelli Equity Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 13th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 10.69%. The ex-dividend date of this dividend is Friday, June 13th.

Institutional Investors Weigh In On Gabelli Equity Trust

Institutional investors and hedge funds have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. raised its holdings in Gabelli Equity Trust by 472.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 7,850 shares of the financial services provider’s stock worth $43,000 after buying an additional 6,479 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of Gabelli Equity Trust by 194.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,251 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 5,447 shares during the period. Bank of Montreal Can acquired a new stake in shares of Gabelli Equity Trust in the 4th quarter valued at about $56,000. Novem Group acquired a new position in shares of Gabelli Equity Trust during the first quarter worth about $58,000. Finally, Strategic Financial Concepts LLC bought a new position in shares of Gabelli Equity Trust during the fourth quarter worth about $58,000. Institutional investors own 7.24% of the company’s stock.

About Gabelli Equity Trust

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.