Sowell Financial Services LLC purchased a new position in Gabelli Equity Trust Inc. (NYSE:GAB – Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 152,588 shares of the financial services provider’s stock, valued at approximately $800,000.
A number of other large investors also recently added to or reduced their stakes in the stock. Janney Montgomery Scott LLC lifted its holdings in Gabelli Equity Trust by 2.1% during the first quarter. Janney Montgomery Scott LLC now owns 159,155 shares of the financial services provider’s stock valued at $891,000 after purchasing an additional 3,255 shares in the last quarter. PNC Financial Services Group Inc. acquired a new stake in shares of Gabelli Equity Trust in the first quarter valued at about $33,000. Integrated Wealth Concepts LLC purchased a new stake in shares of Gabelli Equity Trust during the second quarter worth about $36,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Gabelli Equity Trust during the second quarter worth about $44,000. Finally, Elevation Point Wealth Partners LLC purchased a new stake in shares of Gabelli Equity Trust during the second quarter worth about $57,000. 7.24% of the stock is currently owned by institutional investors and hedge funds.
Gabelli Equity Trust Stock Performance
GAB opened at $5.19 on Monday. Gabelli Equity Trust Inc. has a twelve month low of $5.09 and a twelve month high of $6.37. The company has a 50-day moving average price of $5.37 and a 200 day moving average price of $5.66.
Gabelli Equity Trust Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 11.6%. The ex-dividend date was Wednesday, September 16th.
About Gabelli Equity Trust
Gabelli Equity Trust Inc (NYSE: GAB) is a diversified, closed-end management investment company. The fund seeks long-term growth of capital, with income as a secondary objective, by investing primarily in a portfolio of common stocks and other equity securities.
The fund uses a value-oriented investment approach associated with Gabelli Funds, LLC, its investment adviser. Its portfolio may include companies across a range of industries and can contain both U.S. and international investments, providing shareholders with exposure to established and growth-oriented businesses in multiple sectors and geographies.
Gabelli Equity Trust was organized in 1986 and is managed by Gabelli Funds, an affiliate of GAMCO Investors.
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