Short Interest in The Gabelli Equity Trust Inc. (NYSE:GAB) Expands By 40.8%

The Gabelli Equity Trust Inc. (NYSE:GAB – Get Rating) was the recipient of a large increase in short interest in February. As of February 28th, there was short interest totalling 103,900 shares, an increase of 40.8% from the February 13th total of 73,800 shares. Based on an average trading volume of 436,000 shares, the short-interest ratio is presently 0.2 days.

The Gabelli Equity Trust Stock Down 2.3 %

NYSE:GAB opened at $5.61 on Tuesday. The business’s 50-day moving average price is $5.76 and its two-hundred day moving average price is $5.72. The Gabelli Equity Trust has a twelve month low of $4.84 and a twelve month high of $7.18.

The Gabelli Equity Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 24th. Investors of record on Friday, March 17th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, March 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.70%.

Hedge Funds Weigh In On The Gabelli Equity Trust

A number of large investors have recently modified their holdings of GAB. Envestnet Asset Management Inc. purchased a new position in shares of The Gabelli Equity Trust during the 1st quarter valued at about $167,000. Raymond James & Associates increased its stake in The Gabelli Equity Trust by 3.1% in the 1st quarter. Raymond James & Associates now owns 224,867 shares of the financial services provider’s stock worth $1,558,000 after purchasing an additional 6,793 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in The Gabelli Equity Trust by 8.5% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 243,624 shares of the financial services provider’s stock worth $1,688,000 after purchasing an additional 19,154 shares during the period. US Bancorp DE increased its stake in The Gabelli Equity Trust by 29.4% in the 1st quarter. US Bancorp DE now owns 30,092 shares of the financial services provider’s stock worth $208,000 after purchasing an additional 6,828 shares during the period. Finally, Cetera Investment Advisers increased its stake in The Gabelli Equity Trust by 14.1% in the 1st quarter. Cetera Investment Advisers now owns 106,420 shares of the financial services provider’s stock worth $737,000 after purchasing an additional 13,183 shares during the period. 7.58% of the stock is owned by hedge funds and other institutional investors.

About The Gabelli Equity Trust

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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.