The Gabelli Equity Trust Inc. (NYSE:GAB – Get Free Report) was the target of a large drop in short interest in June. As of June 15th, there was short interest totalling 165,900 shares, a drop of 30.8% from the May 31st total of 239,900 shares. Based on an average daily volume of 541,400 shares, the days-to-cover ratio is currently 0.3 days.
The Gabelli Equity Trust Stock Performance
The Gabelli Equity Trust stock traded down $0.06 during trading hours on Friday, reaching $5.20. 1,401,642 shares of the company’s stock traded hands, compared to its average volume of 732,457. The Gabelli Equity Trust has a fifty-two week low of $4.56 and a fifty-two week high of $5.88. The firm’s 50 day moving average is $5.41 and its 200-day moving average is $5.32.
The Gabelli Equity Trust Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, June 21st. Shareholders of record on Thursday, June 13th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 11.54%. The ex-dividend date of this dividend was Thursday, June 13th.
Insider Buying and Selling
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in GAB. Steward Partners Investment Solutions LLC bought a new position in The Gabelli Equity Trust during the 4th quarter worth approximately $27,000. ICA Group Wealth Management LLC bought a new position in shares of The Gabelli Equity Trust during the fourth quarter worth $32,000. CreativeOne Wealth LLC acquired a new position in shares of The Gabelli Equity Trust in the 1st quarter valued at $56,000. Jump Financial LLC bought a new stake in shares of The Gabelli Equity Trust in the 4th quarter valued at $58,000. Finally, Beacon Capital Management LLC acquired a new stake in The Gabelli Equity Trust during the 1st quarter worth $61,000. Institutional investors and hedge funds own 7.24% of the company’s stock.
The Gabelli Equity Trust Company Profile
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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