The Gabelli Equity Trust Inc. (NYSE:GAB) Short Interest Up 529.7% in September

The Gabelli Equity Trust Inc. (NYSE:GAB) saw a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 224,800 shares, an increase of 529.7% from the August 31st total of 35,700 shares. Based on an average daily trading volume, of 574,000 shares, the days-to-cover ratio is currently 0.4 days.

The Gabelli Equity Trust Stock Performance

Shares of GAB traded up $0.01 during mid-day trading on Friday, hitting $5.45. The stock had a trading volume of 380,939 shares, compared to its average volume of 585,207. The Gabelli Equity Trust has a 52 week low of $4.56 and a 52 week high of $5.74. The business has a fifty day moving average price of $5.42 and a 200-day moving average price of $5.40.

The Gabelli Equity Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Monday, September 16th were paid a $0.15 dividend. The ex-dividend date was Monday, September 16th. This represents a $0.60 dividend on an annualized basis and a yield of 11.01%.

Institutional Investors Weigh In On The Gabelli Equity Trust

A number of hedge funds and other institutional investors have recently bought and sold shares of GAB. Magnus Financial Group LLC boosted its stake in The Gabelli Equity Trust by 2.7% during the second quarter. Magnus Financial Group LLC now owns 78,166 shares of the financial services provider’s stock valued at $406,000 after buying an additional 2,063 shares during the period. Brookstone Capital Management increased its position in shares of The Gabelli Equity Trust by 5.1% in 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. IFG Advisory LLC raised its stake in The Gabelli Equity Trust by 11.7% in the second quarter. IFG Advisory LLC now owns 31,486 shares of the financial services provider’s stock valued at $164,000 after purchasing an additional 3,300 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in The Gabelli Equity Trust by 20.9% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 20,328 shares of the financial services provider’s stock valued at $112,000 after purchasing an additional 3,520 shares during the last quarter. Finally, Concourse Financial Group Securities Inc. lifted its position in 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 valued at $31,000 after purchasing an additional 4,300 shares during the last quarter. Institutional investors own 7.24% of the company’s stock.

About The 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.