Short Interest in Gabelli Equity Trust Inc. (NYSE:GAB) Rises By 191.9%

Key Points

• Short interest in Gabelli Equity Trust surged 191.9% in June, rising to 467,709 shares as of June 30 from 160,237 shares two weeks earlier. That still represents only about 0.2% of the float, with a low days-to-cover ratio of 0.3.
• Several institutional investors increased their stakes in the closed-end fund, including Kestra Advisory Services, Jane Street Group, Truist Financial, and Bank of America. Institutional ownership now stands at 7.24% of the company’s stock.
• The stock edged up 0.4% to $5.67 and recently paid a quarterly dividend of $0.15 per share. That works out to an annualized dividend of $0.60 and a yield of 10.6%.

Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report) was the target of a significant increase in short interest in June. As of June 30th, there was short interest totaling 467,709 shares, an increase of 191.9% from the June 15th total of 160,237 shares. Approximately 0.2% of the company's stock are sold short. Based on an average daily trading volume, of 1,412,277 shares, the days-to-cover ratio is currently 0.3 days.

Institutional Trading of Gabelli Equity Trust

A number of institutional investors have recently made changes to their positions in the business. Kestra Advisory Services LLC grew its position in Gabelli Equity Trust by 75.8% in the fourth quarter. Kestra Advisory Services LLC now owns 456,226 shares of the financial services provider's stock valued at $2,815,000 after purchasing an additional 196,659 shares in the last quarter. Jane Street Group LLC boosted its stake in shares of Gabelli Equity Trust by 541.0% during the 4th quarter. Jane Street Group LLC now owns 187,620 shares of the financial services provider's stock worth $1,158,000 after buying an additional 158,348 shares during the last quarter. Truist Financial Corp grew its holdings in shares of Gabelli Equity Trust by 722.6% in the 4th quarter. Truist Financial Corp now owns 172,371 shares of the financial services provider's stock valued at $1,064,000 after acquiring an additional 151,416 shares in the last quarter. PMG Family Office LLC acquired a new stake in shares of Gabelli Equity Trust in the third quarter valued at about $848,000. Finally, Bank of America Corp DE increased its position in shares of Gabelli Equity Trust by 18.8% in the third quarter. Bank of America Corp DE now owns 631,227 shares of the financial services provider's stock valued at $3,844,000 after acquiring an additional 99,912 shares during the last quarter. Institutional investors own 7.24% of the company's stock.

Gabelli Equity Trust Trading Up 0.4%

NYSE GAB traded up $0.03 during trading on Monday, hitting $5.67. The stock had a trading volume of 940,995 shares, compared to its average volume of 1,102,714. The company's 50-day moving average price is $5.60 and its two-hundred day moving average price is $5.81. Gabelli Equity Trust has a 12 month low of $5.28 and a 12 month high of $6.37.

Gabelli Equity Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Monday, June 15th were issued a $0.15 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.6%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.