Short Interest in Gabelli Equity Trust Inc. (NYSE:GAB) Decreases By 44.6%

Key Points

• Short interest fell 44.6% to 390,710 shares as of August 14, representing just 0.1% of Gabelli Equity Trust’s outstanding shares and 0.5 days of average trading volume.
• GAB shares slipped 0.9% to $5.66, near the stock’s 50-day and 200-day moving averages. Institutional investors currently own 7.24% of the company.
• The trust declared a quarterly dividend of $0.15 per share, equivalent to $0.60 annually and a 10.6% yield; the dividend is payable September 23 to shareholders of record September 16.

Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report) was the target of a large drop in short interest during the month of August. As of August 14th, there was short interest totaling 390,710 shares, a drop of 44.6% from the July 30th total of 705,786 shares. Currently, 0.1% of the company's shares are short sold. Based on an average daily volume of 756,335 shares, the short-interest ratio is presently 0.5 days.

Institutional Trading of Gabelli Equity Trust

Several institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Retirement Investments LLC bought a new position in Gabelli Equity Trust during the 4th quarter worth approximately $30,000. Geneos Wealth Management Inc. boosted its stake 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 valued at $30,000 after purchasing an additional 3,400 shares during the last quarter. PNC Financial Services Group Inc. acquired a new stake in shares of Gabelli Equity Trust during the first quarter worth $33,000. Larson Financial Group LLC acquired a new stake in Gabelli Equity Trust during the 3rd quarter worth about $34,000. Finally, Hilton Head Capital Partners LLC acquired a new stake in Gabelli Equity Trust during the fourth quarter worth approximately $42,000. 7.24% of the stock is currently owned by institutional investors.

Gabelli Equity Trust Stock Down 0.9%

GAB traded down $0.05 during midday trading on Friday, hitting $5.66. 619,728 shares of the company were exchanged, compared to its average volume of 673,351. The firm's 50 day moving average price is $5.67 and its 200-day moving average price is $5.70. Gabelli Equity Trust has a 1-year low of $5.28 and a 1-year high of $6.37.

Gabelli Equity Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.6%. The ex-dividend date is Wednesday, September 16th.

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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