400,000 Shares in Gabelli Equity Trust Inc. $GAB Purchased by 1607 Capital Partners LLC

1607 Capital Partners LLC bought a new position in shares of Gabelli Equity Trust Inc. (NYSE:GAB - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 400,000 shares of the financial services provider's stock, valued at approximately $2,264,000. 1607 Capital Partners LLC owned approximately 0.13% of Gabelli Equity Trust at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Rivernorth Capital Management LLC purchased a new stake in shares of Gabelli Equity Trust in the 2nd quarter worth approximately $37,409,000. Kestra Advisory Services LLC increased its holdings in Gabelli Equity Trust by 75.8% during the fourth quarter. Kestra Advisory Services LLC now owns 456,226 shares of the financial services provider's stock valued at $2,815,000 after buying an additional 196,659 shares during the period. IMC Chicago LLC purchased a new position in Gabelli Equity Trust during the second quarter valued at approximately $1,038,000. Jane Street Group LLC raised its stake in Gabelli Equity Trust by 541.0% in the fourth quarter. Jane Street Group LLC now owns 187,620 shares of the financial services provider's stock worth $1,158,000 after buying an additional 158,348 shares in the last quarter. Finally, Truist Financial Corp raised its stake in Gabelli Equity Trust by 722.6% in the fourth quarter. Truist Financial Corp now owns 172,371 shares of the financial services provider's stock worth $1,064,000 after buying an additional 151,416 shares in the last quarter. Hedge funds and other institutional investors own 7.24% of the company's stock.

Gabelli Equity Trust Stock Performance

Gabelli Equity Trust stock opened at $5.67 on Tuesday. Gabelli Equity Trust Inc. has a twelve month low of $5.28 and a twelve month high of $6.37. The business has a fifty day moving average of $5.68 and a two-hundred day moving average of $5.67.

Gabelli Equity Trust Announces Dividend

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

Gabelli Equity Trust Profile

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.

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