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

Gabelli Equity Trust Inc. (NYSE:GAB) was the target of a significant growth in short interest in the month of July. As of July 31st, there was short interest totaling 705,786 shares, a growth of 105.8% from the July 15th total of 342,963 shares. Currently, 0.2% of the company’s stock are sold short. Based on an average daily trading volume, of 892,397 shares, the days-to-cover ratio is currently 0.8 days.

Gabelli Equity Trust Stock Down 0.3%

Shares of NYSE:GAB traded down $0.01 during midday trading on Friday, reaching $5.80. The company’s stock had a trading volume of 759,906 shares, compared to its average volume of 816,895. The firm has a 50 day moving average of $5.63 and a 200-day moving average of $5.73. Gabelli Equity Trust has a 12-month low of $5.28 and a 12-month high of $6.37.

Gabelli Equity Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 10.3%. The ex-dividend date of this dividend is Wednesday, September 16th.

Institutional Investors Weigh In On Gabelli Equity Trust

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Commonwealth Retirement Investments LLC purchased a new stake in Gabelli Equity Trust in the fourth quarter worth about $30,000. Geneos Wealth Management Inc. lifted its holdings in shares of Gabelli Equity Trust by 200.0% during the second quarter. Geneos Wealth Management Inc. now owns 5,100 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 3,400 shares during the last quarter. Larson Financial Group LLC bought a new stake in shares of Gabelli Equity Trust in the 3rd quarter worth approximately $34,000. PNC Financial Services Group Inc. bought a new stake in shares of Gabelli Equity Trust in the 1st quarter worth approximately $33,000. Finally, Hilton Head Capital Partners LLC purchased a new stake in shares of Gabelli Equity Trust in the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 7.24% of the company’s stock.

About Gabelli Equity Trust

Gabelli Equity Trust, Inc (NYSE: GAB) is a closed-end management investment company focused on generating long-term capital appreciation through an actively managed portfolio of primarily U.S.-listed equity securities. Incorporated in Delaware, the Trust pursues a value-oriented approach, leveraging intensive fundamental research to identify small- and mid-cap companies with growth potential and favorable valuation metrics.

Since its initial public offering in 1977, the Trust has invested across a range of sectors, including consumer staples, financial services, industrials and technology, aiming to construct a high-conviction portfolio of companies expected to outperform over time.