Short Interest in Gabelli Equity Trust Inc. (NYSE:GAB) Drops By 27.3%

Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report) was the recipient of a significant decrease in short interest during the month of May. As of May 31st, there was short interest totalling 1,090,000 shares, a decrease of 27.3% from the May 15th total of 1,500,000 shares. Based on an average daily trading volume, of 612,800 shares, the short-interest ratio is currently 1.8 days. Approximately 0.4% of the company's stock are short sold.

Gabelli Equity Trust Trading Up 1.2%

NYSE:GAB traded up $0.07 during mid-day trading on Friday, reaching $5.69. The stock had a trading volume of 1,273,182 shares, compared to its average volume of 572,239. The business's 50 day moving average is $5.61 and its 200 day moving average is $5.53. Gabelli Equity Trust has a fifty-two week low of $4.50 and a fifty-two week high of $5.90.

Gabelli Equity Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 13th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, June 13th. This represents a $0.60 annualized dividend and a yield of 10.55%.

Hedge Funds Weigh In On Gabelli Equity Trust

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Leigh Baldwin & CO. LLC acquired a new position in Gabelli Equity Trust during the fourth quarter valued at approximately $463,000. Steward Partners Investment Advisory LLC grew its holdings in Gabelli Equity Trust by 30.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 223,420 shares of the financial services provider's stock valued at $1,202,000 after purchasing an additional 52,800 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Gabelli Equity Trust by 60.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 140,181 shares of the financial services provider's stock valued at $754,000 after purchasing an additional 52,691 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Gabelli Equity Trust during the fourth quarter valued at approximately $2,614,000. Finally, Independent Advisor Alliance acquired a new position in Gabelli Equity Trust during the fourth quarter valued at approximately $1,978,000. Institutional investors and hedge funds own 7.24% of the company's stock.

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.