Gabelli Multimedia Trust Inc. (NYSE:GGT) Increases Dividend to $0.08 Per Share

Gabelli Multimedia Trust Inc. (NYSE:GGT) announced a monthly dividend on Wednesday, August 12th. Shareholders of record on Friday, December 11th will be given a dividend of 0.08 per share by the financial services provider on Friday, December 18th. This represents a c) annualized dividend and a yield of 22.6%. The ex-dividend date is Friday, December 11th. This is a 14.3% increase from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.

Gabelli Multimedia Trust Trading Up 1.7%

Shares of GGT stock opened at $4.25 on Thursday. The firm’s 50-day simple moving average is $4.17 and its 200-day simple moving average is $4.15. Gabelli Multimedia Trust has a 1-year low of $3.87 and a 1-year high of $4.39.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Large investors have recently added to or reduced their stakes in the company. Landscape Capital Management L.L.C. bought a new stake in shares of Gabelli Multimedia Trust during the 2nd quarter valued at about $512,000. Allworth Financial LP bought a new stake in Gabelli Multimedia Trust during the 2nd quarter valued at $50,000. Gamco Investors INC. ET AL lifted its holdings in Gabelli Multimedia Trust by 2.0% in the first quarter. Gamco Investors INC. ET AL now owns 1,275,447 shares of the financial services provider’s stock worth $5,013,000 after purchasing an additional 25,000 shares during the period. Cetera Investment Advisers lifted its stake in shares of Gabelli Multimedia Trust by 27.5% in the 1st quarter. Cetera Investment Advisers now owns 21,390 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 4,616 shares during the period. Finally, Geneos Wealth Management Inc. boosted its stake in Gabelli Multimedia Trust by 141.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 16,900 shares of the financial services provider’s stock valued at $66,000 after purchasing an additional 9,900 shares in the last quarter. 10.63% of the stock is currently owned by institutional investors.

About Gabelli Multimedia Trust

Gabelli Multimedia Trust Inc (NYSE: GGT) is a closed-end management investment company that seeks long-term capital appreciation by investing primarily in the common stocks of companies engaged in the multimedia and communications sectors. The trust’s portfolio is concentrated in industries such as cable and satellite television, wireless and wireline telecommunications, radio and broadcasting, print and digital publishing, and internet services. Through selective security selection, Gabelli Multimedia Trust aims to capture growth opportunities driven by evolving content delivery platforms and technological innovation.

Since its initial public offering in December 1987, the trust has been managed by Gabelli Funds, LLC, an affiliate of GAMCO Investors, Inc, under the direction of veteran investors led by Mario J.