Gabelli Equity Trust Inc. (NYSE:GAB) Short Interest Up 426.1% in May

Gabelli Equity Trust Inc. (NYSE:GAB) was the recipient of a significant growth in short interest during the month of May. As of May 29th, there was short interest totaling 135,871 shares, a growth of 426.1% from the May 14th total of 25,825 shares. Currently, 0.0% of the company’s stock are sold short. Based on an average trading volume of 1,131,322 shares, the days-to-cover ratio is presently 0.1 days.

Gabelli Equity Trust Price Performance

NYSE GAB traded up $0.01 during trading on Wednesday, reaching $5.56. The company’s stock had a trading volume of 954,300 shares, compared to its average volume of 1,109,047. The business has a 50-day moving average price of $5.59 and a 200-day moving average price of $5.89. Gabelli Equity Trust has a 1-year low of $5.28 and a 1-year high of $6.37.

Gabelli Equity Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Monday, June 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 10.8%. The ex-dividend date of this dividend is Monday, June 15th.

Hedge Funds Weigh In On Gabelli Equity Trust

Hedge funds have recently bought and sold shares of the business. Huntington National Bank acquired a new position in Gabelli Equity Trust during the third quarter worth $30,000. Flagship Harbor Advisors LLC acquired a new position in Gabelli Equity Trust during the fourth quarter valued at approximately $30,000. Commonwealth Retirement Investments LLC acquired a new position in Gabelli Equity Trust during the fourth quarter valued at approximately $30,000. Geneos Wealth Management Inc. grew its holdings in 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. Finally, PNC Financial Services Group Inc. acquired a new position in Gabelli Equity Trust during the first quarter valued at approximately $33,000. 7.24% of the stock is owned by institutional investors and hedge funds.

Gabelli Equity Trust Company Profile

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.