The Gabelli Equity Trust Inc. (NYSE:GAB) Short Interest Up 448.5% in October

The Gabelli Equity Trust Inc. (NYSE:GAB) saw a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 159,600 shares, an increase of 448.5% from the October 15th total of 29,100 shares. Based on an average daily volume of 566,500 shares, the short-interest ratio is presently 0.3 days.

The Gabelli Equity Trust Stock Performance

Shares of GAB remained flat at $5.57 during trading hours on Wednesday. 312,394 shares of the stock traded hands, compared to its average volume of 573,938. The Gabelli Equity Trust has a fifty-two week low of $4.87 and a fifty-two week high of $5.74. The company’s 50 day moving average price is $5.46 and its two-hundred day moving average price is $5.42.

The Gabelli Equity Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Monday, September 16th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 10.77%. The ex-dividend date was Monday, September 16th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Capital Square LLC bought a new stake in shares of The Gabelli Equity Trust during the third quarter valued at approximately $103,000. Meridian Wealth Management LLC acquired a new stake in shares of The Gabelli Equity Trust during the 3rd quarter worth approximately $75,000. Advisors Asset Management Inc. raised its position in shares of The Gabelli Equity Trust by 6.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 212,791 shares of the financial services provider’s stock valued at $1,168,000 after acquiring an additional 12,220 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in shares of The Gabelli Equity Trust by 3.0% in the 3rd quarter. Thrivent Financial for Lutherans now owns 163,220 shares of the financial services provider’s stock valued at $896,000 after purchasing an additional 4,703 shares during the period. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in shares of The Gabelli Equity Trust during the third quarter worth $230,000. 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.