The Gabelli Equity Trust Inc. (NYSE:GAB) Short Interest Up 448.5% in October

The Gabelli Equity Trust Inc. (NYSE:GAB) was the target of a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 159,600 shares, a growth of 448.5% from the October 15th total of 29,100 shares. Based on an average daily volume of 566,500 shares, the days-to-cover ratio is currently 0.3 days.

The Gabelli Equity Trust Price Performance

NYSE GAB traded down $0.07 during midday trading on Thursday, hitting $5.51. The company had a trading volume of 426,113 shares, compared to its average volume of 573,389. The firm has a 50-day moving average price of $5.46 and a 200-day moving average price of $5.42. The Gabelli Equity Trust has a twelve month low of $4.95 and a twelve month high of $5.74.

The Gabelli Equity Trust Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Monday, September 16th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.89%.

Hedge Funds Weigh In On The Gabelli Equity Trust

Institutional investors and hedge funds have recently bought and sold shares of the company. Financial Counselors Inc. grew its position in shares of The Gabelli Equity Trust by 374.5% in the 3rd quarter. Financial Counselors Inc. now owns 54,395 shares of the financial services provider’s stock valued at $299,000 after buying an additional 42,931 shares during the last quarter. Capital Square LLC purchased a new position in The Gabelli Equity Trust during the 3rd quarter valued at about $103,000. Meridian Wealth Management LLC purchased a new position in shares of The Gabelli Equity Trust in the 3rd quarter valued at about $75,000. Advisors Asset Management Inc. boosted its stake in The Gabelli Equity Trust by 6.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 212,791 shares of the financial services provider’s stock valued at $1,168,000 after acquiring an additional 12,220 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its position in The Gabelli Equity Trust by 3.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 163,220 shares of the financial services provider’s stock worth $896,000 after buying an additional 4,703 shares during the period. Institutional investors and hedge funds 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.