Gabelli Equity Trust Inc. (NYSE:GAB) Short Interest Down 89.0% in April

Gabelli Equity Trust Inc. (NYSE:GAB) was the target of a significant drop in short interest in the month of April. As of April 30th, there was short interest totaling 501,262 shares, a drop of 89.0% from the April 15th total of 4,539,145 shares. Based on an average trading volume of 1,248,570 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.2% of the shares of the stock are short sold.

Gabelli Equity Trust Trading Down 0.3%

NYSE:GAB traded down $0.02 during trading hours on Tuesday, reaching $5.58. 1,216,783 shares of the company’s stock were exchanged, compared to its average volume of 1,098,642. Gabelli Equity Trust has a 12 month low of $5.28 and a 12 month high of $6.37. The business’s 50-day simple moving average is $5.65 and its two-hundred day simple moving average is $5.96.

Gabelli Equity Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 10.8%. The ex-dividend date was Tuesday, March 17th.

Hedge Funds Weigh In On Gabelli Equity Trust

Several institutional investors and hedge funds have recently modified their holdings of the stock. Hilltop Holdings Inc. grew its holdings in shares of Gabelli Equity Trust by 9.6% during the 3rd quarter. Hilltop Holdings Inc. now owns 19,756 shares of the financial services provider’s stock valued at $120,000 after acquiring an additional 1,724 shares in the last quarter. Smith Moore & CO. grew its holdings in shares of Gabelli Equity Trust by 11.2% during the 4th quarter. Smith Moore & CO. now owns 17,595 shares of the financial services provider’s stock valued at $109,000 after acquiring an additional 1,776 shares in the last quarter. Symphony Financial Services Inc. grew its holdings in shares of Gabelli Equity Trust by 6.6% during the 3rd quarter. Symphony Financial Services Inc. now owns 31,944 shares of the financial services provider’s stock valued at $195,000 after acquiring an additional 1,966 shares in the last quarter. Baird Financial Group Inc. grew its holdings in shares of Gabelli Equity Trust by 6.5% during the 2nd quarter. Baird Financial Group Inc. now owns 32,548 shares of the financial services provider’s stock valued at $189,000 after acquiring an additional 2,000 shares in the last quarter. Finally, HighTower Advisors LLC grew its holdings in shares of Gabelli Equity Trust by 2.6% during the 4th quarter. HighTower Advisors LLC now owns 83,820 shares of the financial services provider’s stock valued at $517,000 after acquiring an additional 2,127 shares in the last quarter. 7.24% of the stock is currently owned by hedge funds and other institutional investors.

Gabelli Equity Trust Company Profile

Gabelli Equity Trust, Inc (NYSE: GAB) is a closed-end management investment company focused on generating long-term capital appreciation through an actively managed portfolio of primarily U.S.-listed equity securities. Incorporated in Delaware, the Trust pursues a value-oriented approach, leveraging intensive fundamental research to identify small- and mid-cap companies with growth potential and favorable valuation metrics.

Since its initial public offering in 1977, the Trust has invested across a range of sectors, including consumer staples, financial services, industrials and technology, aiming to construct a high-conviction portfolio of companies expected to outperform over time.