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

Key Points

• Short interest in Gabelli Equity Trust more than doubled to 705,786 shares as of July 31, up 105.8% from mid-July. Short interest represents approximately 0.2% of shares outstanding, with a 0.8-day short-interest ratio.
• GAB shares edged down 0.3% to $5.80, trading within a 12-month range of $5.28 to $6.37. The company declared a quarterly dividend of $0.15, equivalent to an annualized $0.60 payout and a 10.3% yield.
• Institutional investors generally increased their positions, while hedge funds and other institutions collectively own 7.24% of the company.

Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report) was the recipient of a large increase in short interest in the month of July. As of July 31st, there was short interest totaling 705,786 shares, an increase of 105.8% from the July 15th total of 342,963 shares. Based on an average daily volume of 892,397 shares, the short-interest ratio is presently 0.8 days. Approximately 0.2% of the company's shares are sold short.

Gabelli Equity Trust Trading Down 0.3%

Shares of GAB traded down $0.01 during trading hours on Friday, reaching $5.80. 759,906 shares of the company traded hands, compared to its average volume of 816,895. Gabelli Equity Trust has a 12 month low of $5.28 and a 12 month high of $6.37. The company's fifty day moving average price is $5.63 and its two-hundred day moving average price is $5.73.

Gabelli Equity Trust Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th will be issued a $0.15 dividend. The ex-dividend date is Wednesday, September 16th. This represents a $0.60 annualized dividend and a yield of 10.3%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in GAB. LPL Financial LLC raised its position in shares of Gabelli Equity Trust by 2.1% in the 4th quarter. LPL Financial LLC now owns 4,462,497 shares of the financial services provider's stock worth $27,534,000 after acquiring an additional 93,789 shares in the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Gabelli Equity Trust by 1.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 1,516,560 shares of the financial services provider's stock valued at $9,357,000 after purchasing an additional 28,926 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of Gabelli Equity Trust by 1.1% during the fourth quarter. Cetera Investment Advisers now owns 674,300 shares of the financial services provider's stock valued at $4,160,000 after purchasing an additional 7,320 shares in the last quarter. Wells Fargo & Company MN grew its stake in Gabelli Equity Trust by 1.0% in the fourth quarter. Wells Fargo & Company MN now owns 641,300 shares of the financial services provider's stock worth $3,957,000 after purchasing an additional 6,175 shares during the period. Finally, Raymond James Financial Inc. grew its stake in Gabelli Equity Trust by 14.6% in the third quarter. Raymond James Financial Inc. now owns 635,163 shares of the financial services provider's stock worth $3,868,000 after purchasing an additional 80,781 shares during the period. Hedge funds and other institutional investors own 7.24% of the company's stock.

Gabelli Equity Trust Company Profile

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.

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