Raymond James Financial Inc. Buys Shares of 485,966 The Gabelli Equity Trust Inc. (NYSE:GAB)

Raymond James Financial Inc. bought a new stake in The Gabelli Equity Trust Inc. (NYSE:GAB - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and 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 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. LPL Financial LLC grew its position in The Gabelli Equity Trust by 28.3% in the 4th quarter. LPL Financial LLC now owns 3,520,427 shares of the financial services provider's stock valued at $18,940,000 after purchasing an additional 776,591 shares during the period. Golden State Wealth Management LLC bought a new position in shares of The Gabelli Equity Trust in the fourth quarter valued at $2,925,000. Independent Advisor Alliance acquired a new position in shares of The Gabelli Equity Trust during the fourth quarter valued at about $1,978,000. Kera Capital Partners Inc. acquired a new stake in shares of The Gabelli Equity Trust in the 4th quarter worth about $569,000. Finally, Wealth Enhancement Advisory Services LLC lifted its position in The Gabelli Equity Trust by 77.6% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 155,379 shares of the financial services provider's stock valued at $853,000 after acquiring an additional 67,889 shares in the last quarter. Institutional investors own 7.24% of the company's stock.

The Gabelli Equity Trust Stock Performance

GAB traded up $0.08 during midday trading on Friday, reaching $5.59. 447,866 shares of the company were exchanged, compared to its average volume of 580,845. The Gabelli Equity Trust Inc. has a one year low of $4.50 and a one year high of $5.85. The company's fifty day moving average price is $5.41 and its 200 day moving average price is $5.49.

The Gabelli Equity Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Monday, March 17th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 10.73%. The ex-dividend date of this dividend was Monday, March 17th.

The Gabelli Equity Trust Profile

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.