Short Interest in The Gabelli Equity Trust Inc. (NYSE:GAB) Expands By 498.7%

The Gabelli Equity Trust Inc. (NYSE:GAB) saw a large increase in short interest during the month of February. As of February 28th, there was short interest totalling 224,500 shares, an increase of 498.7% from the February 13th total of 37,500 shares. Based on an average trading volume of 558,200 shares, the days-to-cover ratio is currently 0.4 days. Currently, 0.1% of the company’s shares are short sold.

Hedge Funds Weigh In On The Gabelli Equity Trust

Large investors have recently added to or reduced their stakes in the company. LPL Financial LLC grew its holdings in shares of The Gabelli Equity Trust by 28.3% during the fourth quarter. LPL Financial LLC now owns 3,520,427 shares of the financial services provider’s stock worth $18,940,000 after buying an additional 776,591 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in The Gabelli Equity Trust by 0.7% in the 4th quarter. Commonwealth Equity Services LLC now owns 1,903,700 shares of the financial services provider’s stock valued at $10,242,000 after buying an additional 12,503 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in The Gabelli Equity Trust during the 4th quarter worth about $2,925,000. Cetera Investment Advisers boosted its stake in shares of The Gabelli Equity Trust by 3.2% during the 4th quarter. Cetera Investment Advisers now owns 505,444 shares of the financial services provider’s stock worth $2,719,000 after buying an additional 15,690 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of The Gabelli Equity Trust in the 4th quarter valued at about $2,614,000. Institutional investors own 7.24% of the company’s stock.

The Gabelli Equity Trust Trading Down 0.5 %

Shares of NYSE GAB traded down $0.03 during midday trading on Wednesday, reaching $5.51. 562,921 shares of the stock were exchanged, compared to its average volume of 463,572. The Gabelli Equity Trust has a 12 month low of $5.09 and a 12 month high of $5.85. The business has a 50-day simple moving average of $5.52 and a two-hundred day simple moving average of $5.52.

The Gabelli Equity Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Monday, March 17th will be given a $0.15 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 10.90%.

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.