Short Interest in The Gabelli Equity Trust Inc. (NYSE:GAB) Grows By 42.8%

The Gabelli Equity Trust Inc. (NYSE:GAB) was the recipient of a large growth in short interest during the month of July. As of July 15th, there was short interest totalling 155,900 shares, a growth of 42.8% from the June 30th total of 109,200 shares. Based on an average daily volume of 537,400 shares, the days-to-cover ratio is presently 0.3 days.

The Gabelli Equity Trust Stock Performance

GAB stock remained flat at $5.40 during midday trading on Monday. The company’s stock had a trading volume of 532,199 shares, compared to its average volume of 580,510. The Gabelli Equity Trust has a 52-week low of $4.56 and a 52-week high of $5.74. The stock’s 50 day moving average is $5.39 and its two-hundred day moving average is $5.36.

The Gabelli Equity Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 21st. Stockholders of record on Thursday, June 13th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 11.11%. The ex-dividend date of this dividend was Thursday, June 13th.

Insiders Place Their Bets

In other The Gabelli Equity Trust news, insider Mario J. Gabelli acquired 11,750 shares of The Gabelli Equity Trust stock in a transaction on Wednesday, June 26th. The shares were purchased at an average cost of $100.00 per share, with a total value of $1,175,000.00. Following the completion of the purchase, the insider now owns 16,750 shares in the company, valued at $1,675,000. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.90% of the company’s stock.

Hedge Funds Weigh In On The Gabelli Equity Trust

Several institutional investors have recently modified their holdings of the business. Golden State Equity Partners grew its holdings in shares of The Gabelli Equity Trust by 2.0% during the fourth quarter. Golden State Equity Partners now owns 115,489 shares of the financial services provider’s stock worth $587,000 after buying an additional 2,219 shares in the last quarter. Kingsview Wealth Management LLC raised its holdings in shares of The Gabelli Equity Trust by 9.8% in the fourth quarter. Kingsview Wealth Management LLC now owns 27,756 shares of the financial services provider’s stock valued at $141,000 after purchasing an additional 2,476 shares during the last quarter. Cerity Partners LLC lifted its position in shares of The Gabelli Equity Trust by 21.4% in the fourth quarter. Cerity Partners LLC now owns 14,979 shares of the financial services provider’s stock worth $76,000 after purchasing an additional 2,641 shares in the last quarter. Brookstone Capital Management boosted its holdings in The Gabelli Equity Trust by 5.1% during the second quarter. Brookstone Capital Management now owns 56,612 shares of the financial services provider’s stock worth $311,000 after purchasing an additional 2,759 shares during the last quarter. Finally, CoreCap Advisors LLC grew its position in The Gabelli Equity Trust by 26.9% in the fourth quarter. CoreCap Advisors LLC now owns 13,491 shares of the financial services provider’s stock valued at $69,000 after purchasing an additional 2,858 shares in the last quarter. Institutional investors own 7.24% of the company’s stock.

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.