Gabelli Multimedia Trust Inc. (NYSE:GGT) Announces Monthly Dividend of $0.08

Gabelli Multimedia Trust Inc. (NYSE:GGT) announced a monthly dividend on Wednesday, August 12th. Stockholders of record on Friday, December 11th will be paid a dividend of 0.08 per share by the financial services provider on Friday, December 18th. This represents a c) dividend on an annualized basis and a dividend yield of 22.6%. The ex-dividend date is Friday, December 11th. This is a 14.3% increase from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.

Gabelli Multimedia Trust Price Performance

NYSE GGT opened at $4.25 on Thursday. The stock has a fifty day moving average of $4.17 and a 200-day moving average of $4.15. Gabelli Multimedia Trust has a 52 week low of $3.87 and a 52 week high of $4.39.

Institutional Investors Weigh In On Gabelli Multimedia Trust

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GGT. Cetera Investment Advisers increased its stake in shares of Gabelli Multimedia Trust by 73.8% in the 2nd quarter. Cetera Investment Advisers now owns 21,703 shares of the financial services provider’s stock valued at $90,000 after acquiring an additional 9,214 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Gabelli Multimedia Trust in the second quarter worth $27,000. Balyasny Asset Management L.P. bought a new position in shares of Gabelli Multimedia Trust during the second quarter worth $537,000. Ameriprise Financial Inc. bought a new position in shares of Gabelli Multimedia Trust during the third quarter worth $49,000. Finally, Kestra Private Wealth Services LLC grew its holdings in shares of Gabelli Multimedia Trust by 45.2% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 33,866 shares of the financial services provider’s stock valued at $146,000 after buying an additional 10,545 shares during the period. Institutional investors own 10.63% of the company’s stock.

About Gabelli Multimedia Trust

Gabelli Multimedia Trust Inc (NYSE: GGT) is a closed-end management investment company that seeks long-term capital appreciation by investing primarily in the common stocks of companies engaged in the multimedia and communications sectors. The trust’s portfolio is concentrated in industries such as cable and satellite television, wireless and wireline telecommunications, radio and broadcasting, print and digital publishing, and internet services. Through selective security selection, Gabelli Multimedia Trust aims to capture growth opportunities driven by evolving content delivery platforms and technological innovation.

Since its initial public offering in December 1987, the trust has been managed by Gabelli Funds, LLC, an affiliate of GAMCO Investors, Inc, under the direction of veteran investors led by Mario J.