Short Interest in The Gabelli Equity Trust Inc. (NYSE:GAB) Rises By 353.4%

The Gabelli Equity Trust Inc. (NYSE:GAB) saw a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 468,800 shares, an increase of 353.4% from the November 30th total of 103,400 shares. Based on an average daily trading volume, of 595,800 shares, the days-to-cover ratio is currently 0.8 days.

The Gabelli Equity Trust Stock Performance

GAB traded down $0.08 during midday trading on Friday, hitting $5.37. 658,268 shares of the company traded hands, compared to its average volume of 588,018. The business has a 50 day simple moving average of $5.57 and a two-hundred day simple moving average of $5.45. The Gabelli Equity Trust has a 52-week low of $4.96 and a 52-week high of $5.85.

The Gabelli Equity Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 13th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 11.17%. The ex-dividend date was Friday, December 13th.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Concourse Financial Group Securities Inc. increased its position in The Gabelli Equity Trust by 252.9% during the second quarter. Concourse Financial Group Securities Inc. now owns 6,000 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 4,300 shares during the last quarter. Rothschild Investment LLC purchased a new stake in shares of The Gabelli Equity Trust during the 2nd quarter valued at approximately $31,000. CNB Bank purchased a new stake in shares of The Gabelli Equity Trust during the 3rd quarter valued at approximately $38,000. Triton Wealth Management PLLC acquired a new position in The Gabelli Equity Trust in the third quarter valued at approximately $60,000. Finally, Kapstone Financial Advisors LLC purchased a new position in The Gabelli Equity Trust in the second quarter worth approximately $61,000. 7.24% of the stock is owned by hedge funds and other institutional investors.

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.