Gabelli Equity Trust Inc. (NYSE:GAB) Sees Significant Increase in Short Interest
by Sarita Garza · The Markets DailyGabelli Equity Trust Inc. (NYSE:GAB – Get Free Report) was the recipient of a significant growth in short interest during the month of June. As of June 30th, there was short interest totaling 467,709 shares, a growth of 191.9% from the June 15th total of 160,237 shares. Based on an average daily volume of 1,412,277 shares, the short-interest ratio is presently 0.3 days. Currently, 0.2% of the company’s stock are sold short.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently made changes to their positions in GAB. Flagship Harbor Advisors LLC acquired a new position in Gabelli Equity Trust during the fourth quarter worth about $30,000. Commonwealth Retirement Investments LLC acquired a new stake in Gabelli Equity Trust during the 4th quarter valued at approximately $30,000. Geneos Wealth Management Inc. increased its position in shares of Gabelli Equity Trust by 200.0% during the second quarter. Geneos Wealth Management Inc. now owns 5,100 shares of the financial services provider’s stock worth $30,000 after buying an additional 3,400 shares during the period. PNC Financial Services Group Inc. bought a new position in shares of Gabelli Equity Trust in the 1st quarter worth about $33,000. Finally, Larson Financial Group LLC bought a new stake in Gabelli Equity Trust in the third quarter worth approximately $34,000. Institutional investors and hedge funds own 7.24% of the company’s stock.
Gabelli Equity Trust Price Performance
NYSE GAB traded up $0.04 during trading on Wednesday, reaching $5.71. 220,613 shares of the company’s stock were exchanged, compared to its average volume of 1,093,585. The business has a 50 day moving average price of $5.60 and a 200-day moving average price of $5.80. Gabelli Equity Trust has a fifty-two week low of $5.28 and a fifty-two week high of $6.37.
Gabelli Equity Trust Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Monday, June 15th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 10.5%. The ex-dividend date of this dividend was Monday, June 15th.
About Gabelli Equity Trust
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.