Raymond James Financial Inc. Makes New $2.61 Million Investment in The Gabelli Equity Trust Inc. (NYSE:GAB)

Raymond James Financial Inc. bought a new position in shares of The Gabelli Equity Trust Inc. (NYSE:GAB - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 485,966 shares of the financial services provider's stock, valued at approximately $2,614,000. Raymond James Financial Inc. owned approximately 0.16% of The Gabelli Equity Trust as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in GAB. Kentucky Trust Co purchased a new position in shares of The Gabelli Equity Trust during the fourth quarter worth about $40,000. Aurora Private Wealth Inc. purchased a new position in The Gabelli Equity Trust in the 4th quarter worth approximately $56,000. Bank of Montreal Can bought a new position in shares of The Gabelli Equity Trust in the 4th quarter worth $56,000. Strategic Financial Concepts LLC purchased a new stake in shares of The Gabelli Equity Trust during the 4th quarter valued at $58,000. Finally, MTM Investment Management LLC bought a new stake in shares of The Gabelli Equity Trust during the 4th quarter worth $73,000. 7.24% of the stock is currently owned by institutional investors.

The Gabelli Equity Trust Stock Down 1.2 %

NYSE:GAB traded down $0.07 during midday trading on Monday, hitting $5.55. The company had a trading volume of 123,135 shares, compared to its average volume of 565,879. The Gabelli Equity Trust Inc. has a 52-week low of $4.50 and a 52-week high of $5.85. The stock's fifty day moving average price is $5.41 and its 200-day moving average price is $5.49.

The Gabelli Equity Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Monday, March 17th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.82%.

About The Gabelli Equity Trust

The Gabelli Equity Trust Inc is a closed ended equity mutual fund launched by GAMCO Investors, Inc The fund is managed by Gabelli Funds, LLC. It invests in public equity markets of the United States. The fund seeks to invest in stocks of companies operating across diversified sectors. It invests in preferred stock, convertible or exchangeable securities, and warrants and rights.