Gabelli Multimedia Trust (NYSE:GGT) Stock Passes Above 200 Day Moving Average – Here’s Why

Gabelli Multimedia Trust Inc. (NYSE:GGT)’s stock price crossed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $4.18 and traded as high as $4.22. Gabelli Multimedia Trust shares last traded at $4.18, with a volume of 185,240 shares.

Gabelli Multimedia Trust Trading Up 0.4%

The stock’s fifty day moving average is $4.17 and its two-hundred day moving average is $4.18.

Gabelli Multimedia Trust Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th will be paid a $0.08 dividend. This is a positive change from Gabelli Multimedia Trust’s previous monthly dividend of $0.07. This represents a c) annualized dividend and a yield of 22.9%. The ex-dividend date is Tuesday, March 17th.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in GGT. Raymond James Financial Inc. acquired a new position in shares of Gabelli Multimedia Trust in the second quarter valued at $27,000. Geneos Wealth Management Inc. bought a new position in Gabelli Multimedia Trust during the 3rd quarter worth $30,000. Ameriprise Financial Inc. bought a new stake in shares of Gabelli Multimedia Trust during the 3rd quarter valued at $49,000. Allworth Financial LP bought a new stake in Gabelli Multimedia Trust during the second quarter worth about $49,000. Finally, Wealth Enhancement Advisory Services LLC raised its position in Gabelli Multimedia Trust by 30.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 14,030 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 3,282 shares in the last quarter. 10.63% of the stock is owned by institutional investors and hedge funds.

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.