Short Interest in The Gabelli Equity Trust Inc. (NYSE:GAB) Expands By 353.4%

The Gabelli Equity Trust Inc. (NYSE:GAB) was the recipient of a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 468,800 shares, a growth of 353.4% from the November 30th total of 103,400 shares. Based on an average daily volume of 595,800 shares, the short-interest ratio is presently 0.8 days.

The Gabelli Equity Trust Price Performance

GAB stock traded up $0.03 during trading on Thursday, reaching $5.45. 375,372 shares of the company were exchanged, compared to its average volume of 587,736. The company has a 50-day moving average of $5.57 and a two-hundred day moving average of $5.45. The Gabelli Equity Trust has a twelve month low of $4.96 and a twelve month high of $5.85.

The Gabelli Equity Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 13th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 11.01%. The ex-dividend date was Friday, December 13th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GAB. Concourse Financial Group Securities Inc. grew its holdings in shares of The Gabelli Equity Trust by 252.9% during the second quarter. Concourse Financial Group Securities Inc. now owns 6,000 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 4,300 shares in the last quarter. Rothschild Investment LLC purchased a new stake in shares of The Gabelli Equity Trust in the second quarter worth $31,000. CNB Bank bought a new stake in shares of The Gabelli Equity Trust during the third quarter valued at approximately $38,000. Triton Wealth Management PLLC bought a new position in The Gabelli Equity Trust during the 3rd quarter valued at about $60,000. Finally, Kapstone Financial Advisors LLC purchased a new position in shares of The Gabelli Equity Trust in the 2nd quarter worth $61,000. 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.