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

The Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report) was the target of a significant growth in short interest in the month of March. As of March 15th, there was short interest totalling 845,300 shares, a growth of 276.5% from the February 28th total of 224,500 shares. Based on an average trading volume of 579,800 shares, the days-to-cover ratio is presently 1.5 days. Currently, 0.3% of the company's shares are sold short.

The Gabelli Equity Trust Price Performance

GAB stock traded down $0.01 during midday trading on Monday, reaching $5.50. The stock had a trading volume of 497,274 shares, compared to its average volume of 556,849. The Gabelli Equity Trust has a twelve month low of $5.09 and a twelve month high of $5.85. The business has a fifty day simple moving average of $5.54 and a two-hundred day simple moving average of $5.52.

The Gabelli Equity Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Monday, March 17th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.92%. The ex-dividend date was Monday, March 17th.

Hedge Funds Weigh In On The Gabelli Equity Trust

Hedge funds and other institutional investors have recently bought and sold shares of the business. Kentucky Trust Co acquired a new position in shares of The Gabelli Equity Trust in the 4th quarter valued at $40,000. Aurora Private Wealth Inc. acquired a new position in The Gabelli Equity Trust in the fourth quarter valued at about $56,000. Bank of Montreal Can acquired a new position in The Gabelli Equity Trust in the fourth quarter valued at about $56,000. Strategic Financial Concepts LLC bought a new position in The Gabelli Equity Trust during the fourth quarter worth about $58,000. Finally, Elequin Capital LP acquired a new position in shares of The Gabelli Equity Trust during the 4th quarter worth about $69,000. 7.24% of the stock is owned by institutional investors.

Remove Ads

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.