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

Gabelli Multimedia Trust Inc. (NYSE:GGT) declared a monthly dividend on Wednesday, February 11th. Investors of record on Monday, June 15th will be given a dividend of 0.08 per share by the financial services provider on Tuesday, June 23rd. This represents a c) dividend on an annualized basis and a dividend yield of 22.7%. The ex-dividend date of this dividend is Monday, June 15th. This is a 14.3% increase from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.

Gabelli Multimedia Trust Stock Down 1.7%

Shares of NYSE GGT opened at $4.23 on Thursday. The stock has a fifty day simple moving average of $4.19 and a 200-day simple moving average of $4.17. Gabelli Multimedia Trust has a twelve month low of $3.75 and a twelve month high of $4.94.

Hedge Funds Weigh In On Gabelli Multimedia Trust

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Wolverine Asset Management LLC purchased a new position in Gabelli Multimedia Trust in the second quarter valued at approximately $363,000. Kovack Advisors Inc. purchased a new stake in shares of Gabelli Multimedia Trust in the fourth quarter valued at about $117,000. Cetera Investment Advisers lifted its position in Gabelli Multimedia Trust by 73.8% during the 2nd quarter. Cetera Investment Advisers now owns 21,703 shares of the financial services provider’s stock worth $90,000 after acquiring an additional 9,214 shares during the period. Raymond James Financial Inc. grew its position in Gabelli Multimedia Trust by 122.4% in the 3rd quarter. Raymond James Financial Inc. now owns 14,348 shares of the financial services provider’s stock valued at $62,000 after buying an additional 7,897 shares during the last quarter. Finally, Ameriprise Financial Inc. purchased a new stake in shares of Gabelli Multimedia Trust in the third quarter valued at about $49,000. Hedge funds and other institutional investors own 10.63% of the company’s stock.

Gabelli Multimedia Trust Company Profile

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.