Gabelli Equity Trust Inc. $GAB Stock Sold by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management cut its Gabelli Equity Trust position by 65.9% in the second quarter, selling 515,590 shares and retaining 266,840 shares worth approximately $1.51 million.
• Other institutional investors, including Rivernorth Capital Management, 1607 Capital Partners, and IMC Chicago, established new positions in GAB. Institutional investors collectively own 7.24% of the trust.
• GAB shares opened at $5.26, while the trust recently paid a quarterly dividend of $0.15, equating to an annualized $0.60 payout and an 11.4% yield.

Envestnet Asset Management Inc. lessened its position in shares of Gabelli Equity Trust Inc. (NYSE:GAB - Free Report) by 65.9% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 266,840 shares of the financial services provider's stock after selling 515,590 shares during the quarter. Envestnet Asset Management Inc. owned about 0.09% of Gabelli Equity Trust worth $1,510,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in GAB. Rivernorth Capital Management LLC purchased a new position in shares of Gabelli Equity Trust during the 2nd quarter worth $37,409,000. 1607 Capital Partners LLC acquired a new position in Gabelli Equity Trust in the second quarter valued at about $2,264,000. IMC Chicago LLC acquired a new position in Gabelli Equity Trust in the second quarter valued at about $1,038,000. Janney Montgomery Scott LLC boosted its stake in Gabelli Equity Trust by 2.1% during the first quarter. Janney Montgomery Scott LLC now owns 159,155 shares of the financial services provider's stock worth $891,000 after buying an additional 3,255 shares during the period. Finally, Leigh Baldwin & CO. LLC purchased a new position in Gabelli Equity Trust during the second quarter worth about $487,000. Hedge funds and other institutional investors own 7.24% of the company's stock.

Gabelli Equity Trust Trading Up 1.6%

Shares of GAB opened at $5.26 on Wednesday. The firm has a 50-day simple moving average of $5.57 and a two-hundred day simple moving average of $5.58. Gabelli Equity Trust Inc. has a 1-year low of $5.14 and a 1-year high of $6.37.

Gabelli Equity Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 11.4%. The ex-dividend date was Wednesday, September 16th.

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.

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