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

The Gabelli Equity Trust Inc. (NYSE:GAB) was the recipient of a large growth in short interest in 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 short-interest ratio is currently 0.3 days.

The Gabelli Equity Trust Price Performance

GAB stock remained flat at $5.40 during midday trading on Monday. 532,199 shares of the company’s stock were exchanged, compared to its average volume of 580,510. The company’s 50-day moving average is $5.39 and its 200-day moving average is $5.36. The Gabelli Equity Trust has a fifty-two week low of $4.56 and a fifty-two week high of $5.74.

The Gabelli Equity Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Stockholders of record on Thursday, June 13th were issued 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 was Thursday, June 13th.

Insider Activity

In other The Gabelli Equity Trust news, insider Mario J. Gabelli bought 11,750 shares of The Gabelli Equity Trust stock in a transaction that occurred on Wednesday, June 26th. The stock was acquired at an average cost of $100.00 per share, for a total transaction of $1,175,000.00. Following the completion of the transaction, the insider now directly owns 16,750 shares in the company, valued at $1,675,000. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Steward Partners Investment Solutions LLC purchased a new stake in The Gabelli Equity Trust in the fourth quarter worth approximately $27,000. Concourse Financial Group Securities Inc. boosted its stake in shares of The Gabelli Equity Trust by 252.9% in the 2nd 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 in the last quarter. ICA Group Wealth Management LLC bought a new position in shares of The Gabelli Equity Trust during the 4th quarter valued at $32,000. CreativeOne Wealth LLC purchased a new position in The Gabelli Equity Trust in the 1st quarter worth $56,000. Finally, Beacon Capital Management LLC bought a new stake in The Gabelli Equity Trust in the first quarter worth $61,000. 7.24% of the stock is currently owned by hedge funds and other 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.