Kingstone Capital Partners Texas LLC Buys 123,271,664 Shares of Gabelli Equity Trust Inc. $GAB

Key Points

• Kingstone Capital Partners Texas LLC significantly increased its ownership of Gabelli Equity Trust Inc., acquiring an additional 123,271,664 shares, resulting in a total of 123,298,660 shares owned, which constitutes 40.13% of the company.
• The firm has declared a quarterly dividend of $0.15 per share, with an upcoming payment date of September 23rd, yielding 9.9% annually.
• Gabelli Equity Trust's shares opened at $6.09, with a 1-year price range showing a low of $4.50 and a high of $6.32.

Kingstone Capital Partners Texas LLC raised its stake in shares of Gabelli Equity Trust Inc. (NYSE:GAB - Free Report) by 456,629.4% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 123,298,660 shares of the financial services provider's stock after purchasing an additional 123,271,664 shares during the period. Kingstone Capital Partners Texas LLC owned approximately 40.13% of Gabelli Equity Trust worth $674,594,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in GAB. J.W. Cole Advisors Inc. boosted its stake in Gabelli Equity Trust by 3,654.1% during the 1st quarter. J.W. Cole Advisors Inc. now owns 720,307 shares of the financial services provider's stock valued at $3,969,000 after purchasing an additional 701,120 shares during the last quarter. Golden State Wealth Management LLC boosted its stake in Gabelli Equity Trust by 90.8% during the 1st quarter. Golden State Wealth Management LLC now owns 1,037,271 shares of the financial services provider's stock valued at $5,715,000 after purchasing an additional 493,510 shares during the last quarter. Leigh Baldwin & CO. LLC acquired a new position in Gabelli Equity Trust during the 4th quarter valued at about $463,000. Cetera Investment Advisers boosted its stake in Gabelli Equity Trust by 13.5% during the 1st quarter. Cetera Investment Advisers now owns 573,601 shares of the financial services provider's stock valued at $3,161,000 after purchasing an additional 68,157 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in Gabelli Equity Trust by 93.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 138,210 shares of the financial services provider's stock valued at $762,000 after purchasing an additional 66,772 shares during the last quarter. Institutional investors and hedge funds own 7.24% of the company's stock.

Gabelli Equity Trust Price Performance

Shares of Gabelli Equity Trust stock traded up $0.08 during mid-day trading on Tuesday, hitting $6.27. 981,723 shares of the stock were exchanged, compared to its average volume of 522,138. Gabelli Equity Trust Inc. has a 12 month low of $4.50 and a 12 month high of $6.32. The company has a 50-day simple moving average of $6.01 and a 200 day simple moving average of $5.73.

Gabelli Equity Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 16th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 9.6%. The ex-dividend date of this dividend is Tuesday, September 16th.

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.