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

The Gabelli Equity Trust Inc. (NYSE:GAB) was the target of a significant growth in short interest during the month of February. As of February 28th, there was short interest totalling 224,500 shares, a growth of 498.7% from the February 13th total of 37,500 shares. Based on an average daily volume of 558,200 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.1% of the shares of the stock are short sold.

Hedge Funds Weigh In On The Gabelli Equity Trust

Several large investors have recently made changes to their positions in the company. Kentucky Trust Co bought a new stake in The Gabelli Equity Trust during the 4th quarter worth about $40,000. Aurora Private Wealth Inc. acquired a new stake in shares of The Gabelli Equity Trust during the 4th quarter worth approximately $56,000. Bank of Montreal Can bought a new stake in shares of The Gabelli Equity Trust during the fourth quarter worth approximately $56,000. Strategic Financial Concepts LLC bought a new position in The Gabelli Equity Trust in the fourth quarter valued at approximately $58,000. Finally, Elequin Capital LP acquired a new stake in The Gabelli Equity Trust during the 4th quarter worth $69,000. Institutional investors and hedge funds own 7.24% of the company’s stock.

The Gabelli Equity Trust Stock Performance

Shares of The Gabelli Equity Trust stock traded up $0.07 during midday trading on Friday, reaching $5.53. The company had a trading volume of 193,224 shares, compared to its average volume of 555,132. The stock has a fifty day simple moving average of $5.52 and a 200 day simple moving average of $5.52. The Gabelli Equity Trust has a 1-year low of $5.09 and a 1-year high of $5.85.

The Gabelli Equity Trust Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Monday, March 17th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 10.86%.

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.