Gabelli Equity Trust (NYSE:GAB) Reaches New 52-Week Low – Here’s What Happened

Gabelli Equity Trust Inc. (NYSE:GAB)’s stock price reached a new 52-week low during trading on Wednesday . The company traded as low as $5.27 and last traded at $5.2750, with a volume of 1079560 shares changing hands. The stock had previously closed at $5.50.

Gabelli Equity Trust Price Performance

The business has a 50 day moving average price of $5.67 and a two-hundred day moving average price of $5.64.

Gabelli Equity Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.60 dividend on an annualized basis and a yield of 11.3%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rivernorth Capital Management LLC bought a new stake in shares of Gabelli Equity Trust during the second quarter valued at approximately $37,409,000. 1607 Capital Partners LLC purchased a new position in Gabelli Equity Trust during the second quarter valued at $2,264,000. IMC Chicago LLC purchased a new position in Gabelli Equity Trust during the second quarter valued at $1,038,000. Janney Montgomery Scott LLC increased its holdings in Gabelli Equity Trust by 2.1% in the 1st quarter. Janney Montgomery Scott LLC now owns 159,155 shares of the financial services provider’s stock valued at $891,000 after acquiring an additional 3,255 shares during the last quarter. Finally, Leigh Baldwin & CO. LLC bought a new stake in Gabelli Equity Trust in the 2nd quarter valued at $487,000. 7.24% of the stock is currently owned by institutional investors.

About Gabelli Equity Trust

Gabelli Equity Trust Inc is a diversified closed-end management investment company listed on the New York Stock Exchange under the symbol GAB. The fund seeks long-term growth of capital, with current income as a secondary objective, by investing primarily in a diversified portfolio of equity securities.

The portfolio may include common stocks and other equity investments in companies across a range of industries and geographic regions, including both the United States and international markets.