Gabelli Multimedia Trust Inc. (NYSE:GGT) Announces $0.07 Monthly Dividend

Gabelli Multimedia Trust Inc. (NYSE:GGT) announced a monthly dividend on Wednesday, May 13th. Investors of record on Friday, July 17th will be given a dividend of 0.07 per share by the financial services provider on Friday, July 24th. This represents a c) annualized dividend and a dividend yield of 19.6%. The ex-dividend date is Friday, July 17th.

Gabelli Multimedia Trust Price Performance

Shares of NYSE:GGT opened at $4.30 on Thursday. The company’s 50 day simple moving average is $4.11 and its 200 day simple moving average is $4.12. Gabelli Multimedia Trust has a 1 year low of $3.75 and a 1 year high of $4.40.

Insider Buying and Selling at Gabelli Multimedia Trust

In other Gabelli Multimedia Trust news, insider Mario J. Gabelli bought 25,000 shares of Gabelli Multimedia Trust stock in a transaction on Tuesday, February 24th. The shares were purchased at an average price of $4.06 per share, with a total value of $101,500.00. Following the acquisition, the insider owned 1,158,396 shares in the company, valued at $4,703,087.76. This trade represents a 2.21% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 8.00% of the company’s stock.

Institutional Trading of Gabelli Multimedia Trust

Institutional investors and hedge funds have recently modified their holdings of the business. Arax Advisory Partners boosted its stake in Gabelli Multimedia Trust by 90.0% in the fourth quarter. Arax Advisory Partners now owns 6,152 shares of the financial services provider’s stock valued at $26,000 after buying an additional 2,914 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Gabelli Multimedia Trust during the second quarter worth about $27,000. Geneos Wealth Management Inc. acquired a new position in Gabelli Multimedia Trust during the third quarter worth about $30,000. Ameriprise Financial Inc. acquired a new position in Gabelli Multimedia Trust during the third quarter worth about $49,000. Finally, CoreCap Advisors LLC raised its stake in Gabelli Multimedia Trust by 848.5% during the third quarter. CoreCap Advisors LLC now owns 15,650 shares of the financial services provider’s stock worth $67,000 after acquiring an additional 14,000 shares in the last quarter. 10.63% of the stock is currently owned by institutional investors.

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.