The Gabelli Equity Trust Inc. (NYSE:GAB) Short Interest Down 30.8% in June

The Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report) saw a significant decrease in short interest in June. As of June 15th, there was short interest totalling 165,900 shares, a decrease of 30.8% from the May 31st total of 239,900 shares. Based on an average daily trading volume, of 541,400 shares, the short-interest ratio is currently 0.3 days.

The Gabelli Equity Trust Price Performance

GAB traded down $0.06 during midday trading on Friday, reaching $5.20. The company's stock had a trading volume of 1,401,642 shares, compared to its average volume of 732,457. The Gabelli Equity Trust has a 1 year low of $4.56 and a 1 year high of $5.88. The stock's 50-day moving average is $5.41 and its 200-day moving average is $5.32.

The Gabelli Equity Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Thursday, June 13th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 11.54%. The ex-dividend date was Thursday, June 13th.

Insider Buying and Selling

In related news, insider Mario J. Gabelli purchased 11,750 shares of the firm's stock in a transaction that occurred on Wednesday, June 26th. The stock was bought at an average cost of $100.00 per share, with a total value of $1,175,000.00. Following the completion of the purchase, the insider now directly owns 16,750 shares in the company, valued at $1,675,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.90% of the stock is owned by insiders.

Institutional Investors Weigh In On The Gabelli Equity Trust

A number of institutional investors have recently made changes to their positions in the company. Cetera Investment Advisers grew its holdings in shares of The Gabelli Equity Trust by 1,196.4% during the first quarter. Cetera Investment Advisers now owns 449,417 shares of the financial services provider's stock valued at $2,481,000 after buying an additional 414,751 shares during the last quarter. Beacon Capital Management LLC purchased a new stake in shares of The Gabelli Equity Trust during the first quarter valued at approximately $61,000. Quadrature Capital Ltd purchased a new stake in shares of The Gabelli Equity Trust during the first quarter valued at approximately $68,000. Advisors Asset Management Inc. purchased a new stake in shares of The Gabelli Equity Trust during the first quarter valued at approximately $716,000. Finally, CreativeOne Wealth LLC purchased a new stake in shares of The Gabelli Equity Trust during the first quarter valued at approximately $56,000. Hedge funds and other 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.