The Gabelli Equity Trust Inc. (NYSE:GAB) Short Interest Down 30.8% in June

The Gabelli Equity Trust Inc. (NYSE:GAB) was the target of a large decrease in short interest during the month of June. As of June 15th, there was short interest totalling 165,900 shares, a decrease of 30.8% from the May 31st total of 239,900 shares. Based on an average daily volume of 541,400 shares, the short-interest ratio is currently 0.3 days.

Insider Buying and Selling at The Gabelli Equity Trust

In other news, insider Mario J. Gabelli acquired 11,750 shares of The Gabelli Equity Trust stock in a transaction on Wednesday, June 26th. The shares were acquired at an average price of $100.00 per share, with a total value of $1,175,000.00. Following the purchase, the insider now directly owns 16,750 shares in the company, valued at approximately $1,675,000. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.90% of the company’s stock.

Institutional Trading of The Gabelli Equity Trust

A number of hedge funds have recently modified their holdings of the stock. Shaker Financial Services LLC purchased a new position in The Gabelli Equity Trust in the 4th quarter valued at about $2,441,000. Wolverine Asset Management LLC acquired a new stake in The Gabelli Equity Trust in the 4th quarter valued at approximately $1,050,000. Brookstone Capital Management lifted its stake in The Gabelli Equity Trust by 6.2% during the 4th quarter. Brookstone Capital Management now owns 56,284 shares of the financial services provider’s stock worth $286,000 after acquiring an additional 3,302 shares in the last quarter. Eagle Wealth Strategies LLC acquired a new position in shares of The Gabelli Equity Trust in the fourth quarter valued at approximately $95,000. Finally, Virtu Financial LLC acquired a new position in shares of The Gabelli Equity Trust in the fourth quarter worth $337,000. Hedge funds and other institutional investors own 7.24% of the company’s stock.

The Gabelli Equity Trust Price Performance

GAB stock traded down $0.06 during trading on Friday, reaching $5.20. 1,401,642 shares of the company traded hands, compared to its average volume of 732,457. The Gabelli Equity Trust has a 12 month low of $4.56 and a 12 month high of $5.88. The business has a 50 day simple moving average of $5.41 and a 200 day simple moving average of $5.32.

The Gabelli Equity Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Thursday, June 13th were paid a $0.15 dividend. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.60 dividend on an annualized basis and a yield of 11.54%.

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.