Gabelli Equity Trust Inc. (NYSE:GAB) Sees Significant Growth in Short Interest

Key Points

• Gabelli Equity Trust Inc. experienced a substantial increase in short interest, rising by 98.6% to 895,000 shares as of September 15th, 2023.
• Institutional ownership has increased significantly, with several firms, including Geneos Wealth Management and Northwestern Mutual Wealth Management, boosting their stakes in the fund.
• The company declared a quarterly dividend of $0.15 per share, reflecting a 9.7% yield based on the annualized amount.

Gabelli Equity Trust Inc. (NYSE:GAB - ) was the recipient of a large increase in short interest during the month of September. As of September 15th, there was short interest totaling 895,000 shares, an increase of 98.6% from the August 31st total of 450,700 shares. Based on an average daily trading volume, of 445,500 shares, the short-interest ratio is currently 2.0 days. Based on an average daily trading volume, of 445,500 shares, the short-interest ratio is currently 2.0 days.

Institutional Trading of Gabelli Equity Trust

Institutional investors have recently bought and sold shares of the stock. Geneos Wealth Management Inc. lifted its holdings in shares of Gabelli Equity Trust by 200.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 5,100 shares of the financial services provider's stock worth $30,000 after acquiring an additional 3,400 shares during the last quarter. MorganRosel Wealth Management LLC purchased a new stake in Gabelli Equity Trust in the 2nd quarter worth about $36,000. Northwestern Mutual Wealth Management Co. lifted its stake in Gabelli Equity Trust by 472.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 7,850 shares of the financial services provider's stock worth $43,000 after purchasing an additional 6,479 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in shares of Gabelli Equity Trust by 194.3% during the first quarter. PNC Financial Services Group Inc. now owns 8,251 shares of the financial services provider's stock valued at $45,000 after buying an additional 5,447 shares during the period. Finally, Novem Group bought a new position in shares of Gabelli Equity Trust during the first quarter valued at approximately $58,000. 7.24% of the stock is currently owned by institutional investors.

Gabelli Equity Trust Trading Up 0.1%

GAB traded up $0.01 on Friday, hitting $6.16. The company had a trading volume of 288,297 shares, compared to its average volume of 599,505. The business's fifty day simple moving average is $6.05 and its 200 day simple moving average is $5.77. Gabelli Equity Trust has a 12-month low of $4.50 and a 12-month high of $6.32.

Gabelli Equity Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Tuesday, September 16th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 9.7%. The ex-dividend date was Tuesday, September 16th.

About 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.

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