The Gabelli Equity Trust Inc. (NYSE:GAB) Short Interest Up 23.0% in March

The Gabelli Equity Trust Inc. (NYSE:GAB) was the target of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 1,040,000 shares, a growth of 23.0% from the March 15th total of 845,300 shares. Based on an average daily trading volume, of 591,800 shares, the short-interest ratio is presently 1.8 days. Approximately 0.3% of the shares of the company are sold short.

The Gabelli Equity Trust Stock Performance

Shares of NYSE GAB traded up $0.07 during midday trading on Friday, reaching $5.28. 640,063 shares of the company were exchanged, compared to its average volume of 575,045. The stock has a fifty day simple moving average of $5.44 and a 200 day simple moving average of $5.49. The Gabelli Equity Trust has a 1 year low of $4.50 and a 1 year high of $5.85.

The Gabelli Equity Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Monday, March 17th were given a $0.15 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 11.37%.

Hedge Funds Weigh In On The Gabelli Equity Trust

Large investors have recently bought and sold shares of the company. LPL Financial LLC boosted its holdings in The Gabelli Equity Trust by 28.3% in the 4th quarter. LPL Financial LLC now owns 3,520,427 shares of the financial services provider’s stock valued at $18,940,000 after purchasing an additional 776,591 shares in the last quarter. Commonwealth Equity Services LLC grew its holdings in The Gabelli Equity Trust by 0.7% during the fourth quarter. Commonwealth Equity Services LLC now owns 1,903,700 shares of the financial services provider’s stock worth $10,242,000 after acquiring an additional 12,503 shares during the period. Golden State Wealth Management LLC acquired a new stake in The Gabelli Equity Trust in the fourth quarter valued at $2,925,000. Cetera Investment Advisers boosted its position in shares of The Gabelli Equity Trust by 3.2% during the 4th quarter. Cetera Investment Advisers now owns 505,444 shares of the financial services provider’s stock worth $2,719,000 after purchasing an additional 15,690 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of The Gabelli Equity Trust during the 4th quarter worth $2,614,000. Hedge funds and other institutional investors own 7.24% of the company’s stock.

About The Gabelli Equity Trust

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.