The Gabelli Equity Trust Inc. (NYSE:GAB) Sees Large Decrease in Short Interest

The Gabelli Equity Trust Inc. (NYSE:GAB) was the target of a large decline in short interest in February. As of February 15th, there was short interest totalling 37,500 shares, a decline of 55.3% from the January 31st total of 83,900 shares. Based on an average daily volume of 559,500 shares, the days-to-cover ratio is presently 0.1 days.

The Gabelli Equity Trust Stock Performance

GAB stock traded up $0.02 during trading on Monday, hitting $5.59. 258,601 shares of the company’s stock traded hands, compared to its average volume of 438,865. The Gabelli Equity Trust has a 1 year low of $5.09 and a 1 year high of $5.85. The business has a fifty day simple moving average of $5.50 and a two-hundred day simple moving average of $5.51.

The Gabelli Equity Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Monday, March 17th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 10.74%. The ex-dividend date of this dividend is Monday, March 17th.

Institutional Investors Weigh In On The Gabelli Equity Trust

A number of hedge funds have recently made changes to their positions in GAB. Kentucky Trust Co bought a new stake in shares of The Gabelli Equity Trust in the 4th quarter valued at about $40,000. Aurora Private Wealth Inc. acquired a new stake in The Gabelli Equity Trust in the fourth quarter valued at approximately $56,000. Bank of Montreal Can purchased a new position in The Gabelli Equity Trust in the fourth quarter worth $56,000. Strategic Financial Concepts LLC acquired a new position in shares of The Gabelli Equity Trust during the fourth quarter worth $58,000. Finally, Elequin Capital LP acquired a new position in shares of The Gabelli Equity Trust during the fourth quarter worth $69,000. 7.24% of the stock is currently owned by hedge funds and other institutional investors.

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.