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

Gabelli Multimedia Trust Inc. (NYSE:GGT) announced a monthly dividend on Wednesday, May 13th. Shareholders of record on Wednesday, September 16th will be given a dividend of 0.08 per share by the financial services provider on Wednesday, September 23rd. This represents a c) dividend on an annualized basis and a yield of 22.3%. The ex-dividend date of this dividend is Wednesday, September 16th. This is a 14.3% increase from Gabelli Multimedia Trust’s previous monthly dividend of $0.07.

Gabelli Multimedia Trust Price Performance

Shares of GGT opened at $4.30 on Thursday. Gabelli Multimedia Trust has a 12-month low of $3.75 and a 12-month high of $4.40. The firm has a fifty day moving average price of $4.11 and a 200-day moving average price of $4.12.

Insiders Place Their Bets

In related news, insider Mario J. Gabelli acquired 25,000 shares of the stock in a transaction on Tuesday, February 24th. The stock was bought at an average cost of $4.06 per share, with a total value of $101,500.00. Following the transaction, the insider directly owned 1,158,396 shares in the company, valued at approximately $4,703,087.76. This represents a 2.21% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 8.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Gabelli Multimedia Trust

A number of institutional investors have recently modified their holdings of the stock. Kestra Private Wealth Services LLC raised its stake in shares of Gabelli Multimedia Trust by 8.5% during the fourth quarter. Kestra Private Wealth Services LLC now owns 36,748 shares of the financial services provider’s stock valued at $154,000 after acquiring an additional 2,882 shares in the last quarter. Arax Advisory Partners grew its stake in Gabelli Multimedia Trust by 90.0% in the fourth quarter. Arax Advisory Partners now owns 6,152 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 2,914 shares in the last quarter. PMG Family Office LLC grew its stake in Gabelli Multimedia Trust by 14.0% in the first quarter. PMG Family Office LLC now owns 26,610 shares of the financial services provider’s stock worth $105,000 after purchasing an additional 3,262 shares in the last quarter. Cetera Investment Advisers increased its holdings in Gabelli Multimedia Trust by 27.5% during the 1st quarter. Cetera Investment Advisers now owns 21,390 shares of the financial services provider’s stock worth $84,000 after purchasing an additional 4,616 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in Gabelli Multimedia Trust during the 2nd quarter valued at $27,000. 10.63% of the stock is owned by hedge funds and other 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.