The Gabelli Equity Trust Inc. (NYSE:GAB) Sees Large Drop in Short Interest

The Gabelli Equity Trust Inc. (NYSE:GAB) was the target of a large decrease in short interest in the month of January. As of January 31st, there was short interest totalling 83,900 shares, a decrease of 67.1% from the January 15th total of 255,000 shares. Based on an average trading volume of 576,200 shares, the short-interest ratio is presently 0.1 days.

The Gabelli Equity Trust Price Performance

GAB traded up $0.01 during mid-day trading on Wednesday, reaching $5.56. 589,151 shares of the company traded hands, compared to its average volume of 445,087. The company’s fifty day moving average price is $5.52 and its 200-day moving average price is $5.49. The Gabelli Equity Trust has a 52-week low of $5.09 and a 52-week high of $5.85.

The Gabelli Equity Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 13th were given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 10.80%. The ex-dividend date was Friday, December 13th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of GAB. Shaker Financial Services LLC lifted its stake in shares of The Gabelli Equity Trust by 413.3% in the 3rd quarter. Shaker Financial Services LLC now owns 652,653 shares of the financial services provider’s stock worth $3,583,000 after purchasing an additional 525,502 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in The Gabelli Equity Trust by 77.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 155,379 shares of the financial services provider’s stock valued at $853,000 after buying an additional 67,889 shares during the period. Consolidated Portfolio Review Corp purchased a new stake in The Gabelli Equity Trust during the third quarter valued at approximately $648,000. HighTower Advisors LLC raised its position in The Gabelli Equity Trust by 13.3% in the third quarter. HighTower Advisors LLC now owns 84,531 shares of the financial services provider’s stock worth $462,000 after acquiring an additional 9,914 shares during the period. Finally, Kera Capital Partners Inc. purchased a new position in shares of The Gabelli Equity Trust during the 4th quarter worth $569,000. 7.24% of the stock is owned by hedge funds and other institutional investors.

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.