Golden State Wealth Management LLC Increases Position in Gabelli Equity Trust Inc. (NYSE:GAB)

Golden State Wealth Management LLC boosted its holdings in Gabelli Equity Trust Inc. (NYSE:GAB - Free Report) by 90.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,037,271 shares of the financial services provider's stock after purchasing an additional 493,510 shares during the period. Golden State Wealth Management LLC owned approximately 0.34% of Gabelli Equity Trust worth $5,715,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Bank of Montreal Can bought a new position in shares of Gabelli Equity Trust during the fourth quarter valued at about $56,000. Elequin Capital LP bought a new position in shares of Gabelli Equity Trust during the fourth quarter valued at about $69,000. Sagespring Wealth Partners LLC bought a new position in shares of Gabelli Equity Trust during the first quarter valued at about $74,000. Cornerstone Advisory LLC bought a new position in shares of Gabelli Equity Trust during the fourth quarter valued at about $97,000. Finally, Chancellor Financial Group WB LP bought a new position in shares of Gabelli Equity Trust during the fourth quarter valued at about $99,000. 7.24% of the stock is owned by institutional investors.

Gabelli Equity Trust Stock Performance

Shares of NYSE:GAB traded up $0.03 during midday trading on Friday, hitting $5.78. 401,333 shares of the stock traded hands, compared to its average volume of 573,330. The business's 50 day moving average is $5.66 and its two-hundred day moving average is $5.53. Gabelli Equity Trust Inc. has a one year low of $4.50 and a one year high of $5.90.

Gabelli Equity Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 13th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 10.39%. The ex-dividend date was Friday, June 13th.

About 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.