Short Interest in The Gabelli Equity Trust Inc. (NYSE:GAB) Grows By 276.5%

The Gabelli Equity Trust Inc. (NYSE:GAB) was the recipient of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 845,300 shares, a growth of 276.5% from the February 28th total of 224,500 shares. Currently, 0.3% of the shares of the company are short sold. Based on an average trading volume of 579,800 shares, the short-interest ratio is presently 1.5 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. LPL Financial LLC boosted its position in shares of The Gabelli Equity Trust by 28.3% in the fourth quarter. LPL Financial LLC now owns 3,520,427 shares of the financial services provider’s stock valued at $18,940,000 after acquiring an additional 776,591 shares during the period. Golden State Wealth Management LLC bought a new stake in The Gabelli Equity Trust in the 4th quarter valued at about $2,925,000. Raymond James Financial Inc. acquired a new stake in The Gabelli Equity Trust during the fourth quarter worth approximately $2,614,000. Independent Advisor Alliance acquired a new stake in shares of The Gabelli Equity Trust during the 4th quarter worth $1,978,000. Finally, Kera Capital Partners Inc. bought a new stake in The Gabelli Equity Trust during the fourth quarter worth about $569,000. 7.24% of the stock is owned by institutional investors and hedge funds.

The Gabelli Equity Trust Trading Down 0.8 %

Shares of NYSE:GAB traded down $0.05 during trading on Friday, reaching $5.50. 446,099 shares of the stock were exchanged, compared to its average volume of 557,715. The Gabelli Equity Trust has a 12 month low of $5.09 and a 12 month high of $5.85. The stock has a 50-day moving average price of $5.54 and a 200-day moving average price of $5.52.

The Gabelli Equity Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Monday, March 17th were paid a $0.15 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.60 annualized dividend and a yield of 10.92%.

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.