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

Gabelli Equity Trust Inc. (NYSE:GAB)’s stock price hit a new 52-week low on Wednesday. The stock traded as low as $5.13 and last traded at $5.1350, with a volume of 223,544 shares traded. The stock had previously closed at $5.19.

Gabelli Equity Trust Trading Down 1.3%

The business’s 50-day moving average is $5.52 and its 200-day moving average is $5.57.

Gabelli Equity Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 11.7%. The ex-dividend date of this dividend was Wednesday, September 16th.

Hedge Funds Weigh In On Gabelli Equity Trust

Several institutional investors and hedge funds have recently modified their holdings of GAB. Rivernorth Capital Management LLC acquired a new stake in Gabelli Equity Trust during the second quarter worth about $37,409,000. 1607 Capital Partners LLC purchased a new position in Gabelli Equity Trust during the second quarter valued at approximately $2,264,000. IMC Chicago LLC acquired a new position in Gabelli Equity Trust in the second quarter valued at approximately $1,038,000. Janney Montgomery Scott LLC lifted its holdings in Gabelli Equity Trust by 2.1% in the first 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 period. Finally, Leigh Baldwin & CO. LLC acquired a new position in Gabelli Equity Trust in the second quarter valued at approximately $487,000. Institutional investors and hedge funds own 7.24% of the company’s stock.

Gabelli Equity Trust Company Profile

Gabelli Equity Trust Inc is a diversified closed-end investment company listed on the New York Stock Exchange under the symbol GAB. The fund seeks long-term growth of capital and income by investing primarily in a portfolio of equity securities, including common stocks of companies across a range of industries.

The trust is managed by Gabelli Funds, LLC, an investment adviser affiliated with GAMCO Investors, Inc Its investment approach is associated with fundamental, value-oriented research and may include investments in U.S.