Rivernorth Capital Management LLC Takes Position in Gabelli Equity Trust Inc. $GAB

Key Points

• Rivernorth Capital Management acquired 6.61 million shares of Gabelli Equity Trust, valued at approximately $37.4 million, making up 1.8% of its holdings and about 2.12% of GAB’s outstanding shares.
• Several other institutional investors initiated positions during the second quarter, with hedge funds and institutions collectively owning 7.24% of Gabelli Equity Trust.
• GAB opened at $5.66, near its 50-day and 200-day moving averages, and recently declared a quarterly dividend of $0.15 per share, representing a 10.6% annualized yield.

Rivernorth Capital Management LLC acquired a new position in Gabelli Equity Trust Inc. (NYSE:GAB - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 6,609,367 shares of the financial services provider's stock, valued at approximately $37,409,000. Gabelli Equity Trust accounts for 1.8% of Rivernorth Capital Management LLC's holdings, making the stock its 9th largest position. Rivernorth Capital Management LLC owned approximately 2.12% of Gabelli Equity Trust as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of GAB. IMC Chicago LLC bought a new position in Gabelli Equity Trust during the 2nd quarter worth approximately $1,038,000. Safeguard Investment Advisory Group LLC purchased a new position in shares of Gabelli Equity Trust in the second quarter worth $75,000. Leigh Baldwin & CO. LLC purchased a new position in shares of Gabelli Equity Trust in the second quarter worth $487,000. Sanctuary Advisors LLC bought a new stake in Gabelli Equity Trust during the 2nd quarter valued at $57,000. Finally, Capital Square LLC bought a new stake in Gabelli Equity Trust during the 2nd quarter valued at $116,000. 7.24% of the stock is currently owned by hedge funds and other institutional investors.

Gabelli Equity Trust Price Performance

Shares of Gabelli Equity Trust stock opened at $5.66 on Monday. The company's fifty day simple moving average is $5.67 and its two-hundred day simple moving average is $5.70. Gabelli Equity Trust Inc. has a 12-month low of $5.28 and a 12-month high of $6.37.

Gabelli Equity Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 10.6%. The ex-dividend date is Wednesday, September 16th.

Gabelli Equity Trust Company Profile

Gabelli Equity Trust, Inc NYSE: GAB is a closed-end management investment company focused on generating long-term capital appreciation through an actively managed portfolio of primarily U.S.-listed equity securities. Incorporated in Delaware, the Trust pursues a value-oriented approach, leveraging intensive fundamental research to identify small- and mid-cap companies with growth potential and favorable valuation metrics.

Since its initial public offering in 1977, the Trust has invested across a range of sectors, including consumer staples, financial services, industrials and technology, aiming to construct a high-conviction portfolio of companies expected to outperform over time.

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