The Gabelli Equity Trust Inc. (NYSE:GAB) Sees Large Increase in Short Interest

The Gabelli Equity Trust Inc. (NYSE:GAB) was the target of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 845,300 shares, an increase of 276.5% from the February 28th total of 224,500 shares. Approximately 0.3% of the shares of the company are short sold. Based on an average daily trading volume, of 579,800 shares, the short-interest ratio is presently 1.5 days.

The Gabelli Equity Trust Stock Performance

Shares of GAB traded up $0.02 during trading hours on Thursday, hitting $5.55. 155,607 shares of the company were exchanged, compared to its average volume of 557,488. The firm has a fifty day simple moving average of $5.54 and a 200-day simple moving average of $5.52. The Gabelli Equity Trust has a one year low of $5.09 and a one year high of $5.85.

The Gabelli Equity Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Monday, March 17th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 10.82%. The ex-dividend date of this dividend was Monday, March 17th.

Hedge Funds Weigh In On The Gabelli Equity Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Beacon Pointe Advisors LLC lifted its holdings in shares of The Gabelli Equity Trust by 7.1% in the fourth quarter. Beacon Pointe Advisors LLC now owns 30,000 shares of the financial services provider’s stock valued at $161,000 after purchasing an additional 2,000 shares in the last quarter. Apollon Wealth Management LLC lifted its stake in The Gabelli Equity Trust by 31.2% in the 4th quarter. Apollon Wealth Management LLC now owns 15,170 shares of the financial services provider’s stock worth $82,000 after acquiring an additional 3,605 shares in the last quarter. Atria Wealth Solutions Inc. boosted its position in The Gabelli Equity Trust by 5.0% during the 4th quarter. Atria Wealth Solutions Inc. now owns 95,076 shares of the financial services provider’s stock worth $512,000 after acquiring an additional 4,512 shares during the period. Thrivent Financial for Lutherans grew its stake in The Gabelli Equity Trust by 3.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 163,220 shares of the financial services provider’s stock valued at $896,000 after acquiring an additional 4,703 shares in the last quarter. Finally, Arete Wealth Advisors LLC increased its holdings in shares of The Gabelli Equity Trust by 30.2% in the 4th quarter. Arete Wealth Advisors LLC now owns 20,280 shares of the financial services provider’s stock valued at $109,000 after purchasing an additional 4,707 shares during the period. Institutional investors and hedge funds 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.