Gabelli Equity Trust Inc. $GAB Holdings Lowered 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 position in Gabelli Equity Trust Inc. (NYSE:GAB - Free Report) by 4.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,144,244 shares of the financial services provider's stock after selling 51,250 shares during the quarter. Philadelphia Trust Co. owned about 0.37% of Gabelli Equity Trust worth $6,305,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its position in Gabelli Equity Trust by 194.3% in the 1st quarter. PNC Financial Services Group Inc. now owns 8,251 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 5,447 shares during the last quarter. Bank of Montreal Can bought a new stake in Gabelli Equity Trust in the 4th quarter valued at about $56,000. Novem Group bought a new stake in Gabelli Equity Trust in the 1st quarter valued at about $58,000. Elequin Capital LP bought a new stake in Gabelli Equity Trust in the 4th quarter valued at about $69,000. Finally, Sagespring Wealth Partners LLC bought a new stake in Gabelli Equity Trust in the 1st quarter valued at about $74,000. 7.24% of the stock is currently owned by institutional investors.

Gabelli Equity Trust Trading Down 0.2%

NYSE:GAB traded down $0.0150 during mid-day trading on Wednesday, hitting $5.9850. The stock had a trading volume of 182,678 shares, compared to its average volume of 518,105. The company has a 50 day simple moving average of $5.85 and a 200-day simple moving average of $5.64. Gabelli Equity Trust Inc. has a 52 week low of $4.50 and a 52 week high of $6.01.

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.