The Gabelli Equity Trust Inc. (NYSE:GAB – Get Rating) was the recipient of a significant increase in short interest during the month of March. As of March 31st, there was short interest totalling 532,400 shares, an increase of 20.9% from the March 15th total of 440,200 shares. Based on an average daily volume of 436,100 shares, the short-interest ratio is currently 1.2 days.
The Gabelli Equity Trust Price Performance
Shares of NYSE:GAB traded up $0.02 on Tuesday, hitting $5.74. The company had a trading volume of 124,680 shares, compared to its average volume of 422,028. The Gabelli Equity Trust has a 1-year low of $4.84 and a 1-year high of $7.09. The stock has a 50 day moving average price of $5.73 and a 200 day moving average price of $5.64.
Get The Gabelli Equity Trust alerts:The Gabelli Equity Trust Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, March 24th. Investors of record on Friday, March 17th were given a dividend of $0.15 per share. The ex-dividend date was Thursday, March 16th. This represents a $0.60 annualized dividend and a yield of 10.45%.
Institutional Investors Weigh In On The Gabelli Equity Trust
Institutional investors and hedge funds have recently bought and sold shares of the company. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new position in shares of The Gabelli Equity Trust in the third quarter valued at approximately $29,000. HBK Sorce Advisory LLC increased its stake in shares of The Gabelli Equity Trust by 100.0% in the fourth quarter. HBK Sorce Advisory LLC now owns 30,000 shares of the financial services provider's stock valued at $32,000 after buying an additional 15,000 shares during the period. Resurgent Financial Advisors LLC acquired a new position in shares of The Gabelli Equity Trust in the fourth quarter valued at approximately $36,000. Salem Investment Counselors Inc. increased its stake in shares of The Gabelli Equity Trust by 79.9% in the first quarter. Salem Investment Counselors Inc. now owns 5,826 shares of the financial services provider's stock valued at $40,000 after buying an additional 2,588 shares during the period. Finally, Lincoln National Corp acquired a new position in shares of The Gabelli Equity Trust in the third quarter valued at approximately $55,000. Institutional investors own 7.58% of the company's stock.
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.
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