The Gabelli Equity Trust Inc. (NYSE:GAB) Short Interest Update

The Gabelli Equity Trust Inc. (NYSE:GAB) was the target of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 289,900 shares, an increase of 109.0% from the February 29th total of 138,700 shares. Based on an average trading volume of 697,300 shares, the short-interest ratio is currently 0.4 days.

The Gabelli Equity Trust Stock Performance

Shares of GAB traded down $0.04 during trading hours on Thursday, hitting $5.51. 711,729 shares of the company were exchanged, compared to its average volume of 650,675. The Gabelli Equity Trust has a fifty-two week low of $4.56 and a fifty-two week high of $5.88. The firm’s fifty day moving average is $5.35 and its 200 day moving average is $5.16.

The Gabelli Equity Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 21st. Investors of record on Thursday, March 14th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Wednesday, March 13th. This represents a $0.60 annualized dividend and a dividend yield of 10.89%.

Insider Activity at The Gabelli Equity Trust

In other news, insider Mario J. Gabelli acquired 10,000 shares of the firm’s stock in a transaction on Thursday, February 29th. The shares were purchased at an average cost of $100.00 per share, with a total value of $1,000,000.00. Following the acquisition, the insider now directly owns 10,000 shares in the company, valued at approximately $1,000,000. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On The Gabelli Equity Trust

Large investors have recently bought and sold shares of the company. Steward Partners Investment Solutions LLC bought a new position in The Gabelli Equity Trust in the fourth quarter valued at about $27,000. ICA Group Wealth Management LLC raised its position in shares of The Gabelli Equity Trust by 674.7% during the first quarter. ICA Group Wealth Management LLC now owns 5,167 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 4,500 shares during the last quarter. Resurgent Financial Advisors LLC bought a new position in shares of The Gabelli Equity Trust during the fourth quarter worth about $36,000. JPMorgan Chase & Co. raised its position in shares of The Gabelli Equity Trust by 46.1% during the first quarter. JPMorgan Chase & Co. now owns 6,573 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 2,073 shares during the last quarter. Finally, Salem Investment Counselors Inc. raised its position in shares of The Gabelli Equity Trust by 79.9% during the first quarter. Salem Investment Counselors Inc. now owns 5,826 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 2,588 shares during the last quarter. 7.24% of the stock is currently owned by institutional investors.

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.