Rivernorth Capital Management LLC Purchases New Position in Gabelli Equity Trust Inc. $GAB

Rivernorth Capital Management LLC acquired a new position in Gabelli Equity Trust Inc. (NYSE:GAB) in the 2nd quarter, Holdings Channel reports. The firm acquired 6,609,367 shares of the financial services provider’s stock, valued at approximately $37,409,000. Gabelli Equity Trust makes up 1.8% of Rivernorth Capital Management LLC’s holdings, making the stock its 9th biggest holding.

Several other large investors have also bought and sold shares of GAB. LPL Financial LLC boosted its position in shares of Gabelli Equity Trust by 2.1% during the fourth quarter. LPL Financial LLC now owns 4,462,497 shares of the financial services provider’s stock valued at $27,534,000 after purchasing an additional 93,789 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in shares of Gabelli Equity Trust by 1.9% in the 4th quarter. Commonwealth Equity Services LLC now owns 1,516,560 shares of the financial services provider’s stock worth $9,357,000 after acquiring an additional 28,926 shares in the last quarter. Cetera Investment Advisers lifted its position in Gabelli Equity Trust by 1.1% during the 4th quarter. Cetera Investment Advisers now owns 674,300 shares of the financial services provider’s stock valued at $4,160,000 after acquiring an additional 7,320 shares during the period. Wells Fargo & Company MN lifted its position in Gabelli Equity Trust by 1.0% during the 4th quarter. Wells Fargo & Company MN now owns 641,300 shares of the financial services provider’s stock valued at $3,957,000 after acquiring an additional 6,175 shares during the period. Finally, Raymond James Financial Inc. boosted its stake in Gabelli Equity Trust by 14.6% during the third quarter. Raymond James Financial Inc. now owns 635,163 shares of the financial services provider’s stock worth $3,868,000 after acquiring an additional 80,781 shares in the last quarter. 7.24% of the stock is owned by institutional investors.

Gabelli Equity Trust Price Performance

Shares of NYSE GAB opened at $5.66 on Monday. Gabelli Equity Trust Inc. has a fifty-two week low of $5.28 and a fifty-two week high of $6.37. The company has a 50 day simple moving average of $5.67 and a two-hundred day simple moving average of $5.70.

Gabelli Equity Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 10.6%. The ex-dividend date of this dividend is Wednesday, September 16th.

About Gabelli Equity Trust

Gabelli Equity Trust, Inc (NYSE: GAB) is a closed-end management investment company focused on generating long-term capital appreciation through an actively managed portfolio of primarily U.S.-listed equity securities. Incorporated in Delaware, the Trust pursues a value-oriented approach, leveraging intensive fundamental research to identify small- and mid-cap companies with growth potential and favorable valuation metrics.

Since its initial public offering in 1977, the Trust has invested across a range of sectors, including consumer staples, financial services, industrials and technology, aiming to construct a high-conviction portfolio of companies expected to outperform over time.