Short Interest in Gabelli Equity Trust Inc. (NYSE:GAB) Drops By 44.6%

Gabelli Equity Trust Inc. (NYSE:GAB) was the target of a significant decline in short interest during the month of August. As of August 14th, there was short interest totaling 390,710 shares, a decline of 44.6% from the July 30th total of 705,786 shares. Based on an average daily trading volume, of 756,335 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.1% of the shares of the stock are sold short.

Gabelli Equity Trust Stock Down 0.5%

NYSE GAB traded down $0.03 on Tuesday, hitting $5.64. 770,231 shares of the company were exchanged, compared to its average volume of 1,029,832. Gabelli Equity Trust has a 1-year low of $5.28 and a 1-year high of $6.37. The firm has a 50 day moving average of $5.67 and a two-hundred day moving average of $5.69.

Gabelli Equity Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.6%. The ex-dividend date is Wednesday, September 16th.

Institutional Trading of Gabelli Equity Trust

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Focus Partners Wealth bought a new position in Gabelli Equity Trust in the 1st quarter valued at $121,000. Baird Financial Group Inc. increased its position in Gabelli Equity Trust by 6.5% in the second quarter. Baird Financial Group Inc. now owns 32,548 shares of the financial services provider’s stock worth $189,000 after purchasing an additional 2,000 shares during the period. StoneX Group Inc. acquired a new stake in Gabelli Equity Trust in the second quarter worth about $79,000. Cerity Partners LLC raised its holdings in Gabelli Equity Trust by 29.1% during the 2nd quarter. Cerity Partners LLC now owns 306,890 shares of the financial services provider’s stock worth $1,786,000 after purchasing an additional 69,237 shares during the last quarter. Finally, Raymond James Financial Inc. lifted its position in Gabelli Equity Trust by 8.1% during the 2nd quarter. Raymond James Financial Inc. now owns 554,382 shares of the financial services provider’s stock valued at $3,227,000 after purchasing an additional 41,437 shares during the period. Institutional investors and hedge funds own 7.24% of the company’s stock.

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.