Gabelli Equity Trust Inc. $GAB Shares Sold by Philadelphia Trust Co.

Key Points

• Philadelphia Trust Co. reduced its position in Gabelli Equity Trust Inc. by 4.3% during the 1st quarter, now holding 1,144,244 shares valued at approximately $6.3 million.
• Other institutional investors, such as PNC Financial Services Group, significantly increased their stakes in Gabelli Equity Trust, with PNC raising its holdings by 194.3% during the same period.
• The share price of Gabelli Equity Trust opened at $5.97 with a 12-month range between $4.50 and $6.01, indicating stable performance within that timeframe.

Philadelphia Trust Co. cut its stake in shares of Gabelli Equity Trust Inc. (NYSE:GAB - Free Report) by 4.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,144,244 shares of the financial services provider's stock after selling 51,250 shares during the quarter. Philadelphia Trust Co. owned approximately 0.37% of Gabelli Equity Trust worth $6,305,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Benjamin Edwards Inc. purchased a new position in shares of Gabelli Equity Trust during the first quarter worth approximately $175,000. PNC Financial Services Group Inc. increased its position in shares of Gabelli Equity Trust by 194.3% during the first quarter. PNC Financial Services Group Inc. now owns 8,251 shares of the financial services provider's stock worth $45,000 after acquiring an additional 5,447 shares during the period. Motco increased its position in shares of Gabelli Equity Trust by 35.8% during the first quarter. Motco now owns 30,318 shares of the financial services provider's stock worth $167,000 after acquiring an additional 8,000 shares during the period. Cetera Investment Advisers increased its position in shares of Gabelli Equity Trust by 13.5% during the first quarter. Cetera Investment Advisers now owns 573,601 shares of the financial services provider's stock worth $3,161,000 after acquiring an additional 68,157 shares during the period. Finally, Wedbush Securities Inc. increased its position in shares of Gabelli Equity Trust by 4.0% during the first quarter. Wedbush Securities Inc. now owns 121,478 shares of the financial services provider's stock worth $669,000 after acquiring an additional 4,687 shares during the period. 7.24% of the stock is owned by hedge funds and other institutional investors.

Gabelli Equity Trust Stock Performance

Shares of NYSE:GAB traded down $0.0450 during trading on Thursday, reaching $5.9450. 247,418 shares of the company were exchanged, compared to its average volume of 516,197. The business's fifty day simple moving average is $5.85 and its 200-day simple moving average is $5.64. Gabelli Equity Trust Inc. has a 12-month low of $4.50 and a 12-month high of $6.01.

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.