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

The Gabelli Equity Trust Inc. (NYSE:GAB) was the target of a large increase in short interest in the month of March. As of March 31st, there was short interest totalling 1,040,000 shares, an increase of 23.0% from the March 15th total of 845,300 shares. Based on an average daily trading volume, of 591,800 shares, the days-to-cover ratio is currently 1.8 days. Approximately 0.3% of the shares of the company are short sold.

The Gabelli Equity Trust Trading Down 1.7 %

Shares of GAB stock opened at $5.18 on Tuesday. The Gabelli Equity Trust has a twelve month low of $4.50 and a twelve month high of $5.85. The stock has a 50 day moving average of $5.43 and a 200 day moving average of $5.49.

The Gabelli Equity Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Monday, March 17th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 11.58%. The ex-dividend date was Monday, March 17th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sagespring Wealth Partners LLC acquired a new stake in shares of The Gabelli Equity Trust during the 1st quarter valued at about $74,000. Janney Montgomery Scott LLC raised its stake in shares of The Gabelli Equity Trust by 93.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 138,210 shares of the financial services provider’s stock worth $762,000 after buying an additional 66,772 shares during the period. Midland Wealth Advisors LLC purchased a new position in shares of The Gabelli Equity Trust during the 1st quarter valued at approximately $147,000. Accel Wealth Management increased its holdings in The Gabelli Equity Trust by 4.2% in the 1st quarter. Accel Wealth Management now owns 360,509 shares of the financial services provider’s stock worth $1,986,000 after acquiring an additional 14,473 shares in the last quarter. Finally, NBC Securities Inc. raised its position in The Gabelli Equity Trust by 100,094.9% during the first quarter. NBC Securities Inc. now owns 39,076 shares of the financial services provider’s stock worth $215,000 after acquiring an additional 39,037 shares during the period. Hedge funds and other institutional investors own 7.24% of the company’s stock.

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.