152,588 Shares in Gabelli Equity Trust Inc. $GAB Purchased by Sowell Financial Services LLC

Sowell Financial Services LLC acquired a new position in Gabelli Equity Trust Inc. (NYSE:GAB) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 152,588 shares of the financial services provider’s stock, valued at approximately $800,000.

Other hedge funds have also bought and sold shares of the company. 1607 Capital Partners LLC purchased a new position in shares of Gabelli Equity Trust during the 2nd quarter valued at approximately $2,264,000. IMC Chicago LLC purchased a new stake in Gabelli Equity Trust during the second quarter worth $1,038,000. Rivernorth Capital Management LLC purchased a new stake in Gabelli Equity Trust during the second quarter worth $37,409,000. Allworth Financial LP purchased a new stake in Gabelli Equity Trust during the second quarter worth $220,000. Finally, Capital Square LLC acquired a new stake in Gabelli Equity Trust during the second quarter valued at $116,000. Hedge funds and other institutional investors own 7.24% of the company’s stock.

Gabelli Equity Trust Stock Performance

GAB stock opened at $5.19 on Monday. Gabelli Equity Trust Inc. has a one year low of $5.09 and a one year high of $6.37. The firm’s fifty day moving average is $5.37 and its 200 day moving average is $5.66.

Gabelli Equity Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 11.6%. The ex-dividend date of this dividend was Wednesday, September 16th.

Gabelli Equity Trust Profile

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.