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

The Gabelli Equity Trust Inc. (NYSE:GAB) was the recipient of a large decline in short interest in October. As of October 15th, there was short interest totalling 29,100 shares, a decline of 65.6% from the September 30th total of 84,700 shares. Based on an average daily volume of 557,400 shares, the short-interest ratio is currently 0.1 days.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GAB. Concourse Financial Group Securities Inc. grew its position in The Gabelli Equity Trust by 252.9% in the second quarter. Concourse Financial Group Securities Inc. now owns 6,000 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 4,300 shares in the last quarter. Rothschild Investment LLC purchased a new position in The Gabelli Equity Trust in the second quarter worth $31,000. CNB Bank purchased a new position in The Gabelli Equity Trust in the third quarter worth $38,000. CreativeOne Wealth LLC purchased a new position in The Gabelli Equity Trust in the first quarter worth $56,000. Finally, Triton Wealth Management PLLC purchased a new position in The Gabelli Equity Trust in the third quarter worth $60,000. 7.24% of the stock is currently owned by hedge funds and other institutional investors.

The Gabelli Equity Trust Stock Down 0.7 %

Shares of GAB traded down $0.04 during mid-day trading on Friday, reaching $5.39. 532,176 shares of the stock traded hands, compared to its average volume of 574,205. The firm has a fifty day moving average price of $5.47 and a 200 day moving average price of $5.40. The Gabelli Equity Trust has a 1 year low of $4.56 and a 1 year high of $5.74.

The Gabelli Equity Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Monday, September 16th were given a dividend of $0.15 per share. The ex-dividend date was Monday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 11.13%.

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.