Gabelli Equity Trust (NYSE:GAB) Sets New 12-Month Low - Here's What Happened

Key Points

• Gabelli Equity Trust shares fell to a new 52-week low of $5.12 on Friday, below the previous close of $5.22. The stock’s 50-day and 200-day moving averages stood at $5.44 and $5.56, respectively.
• The fund recently paid a quarterly dividend of $0.15 per share, equivalent to $0.60 annually and an approximate 11.7% yield.
• Institutional investors and hedge funds own 7.24% of the company, with several firms establishing new positions during the first three quarters.

Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report) shares reached a new 52-week low on Friday. The company traded as low as $5.12 and last traded at $5.1550, with a volume of 322,417 shares. The stock had previously closed at $5.22.

Gabelli Equity Trust Price Performance

The firm has a 50-day simple moving average of $5.44 and a two-hundred day simple moving average of $5.56.

Gabelli Equity Trust Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 11.7%. The ex-dividend date was Wednesday, September 16th.

Institutional Investors Weigh In On Gabelli Equity Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. bought a new position in shares of Gabelli Equity Trust in the 1st quarter worth about $33,000. Integrated Wealth Concepts LLC acquired a new position in shares of Gabelli Equity Trust during the second quarter valued at about $36,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Gabelli Equity Trust during the 2nd quarter worth about $44,000. Valeo Financial Advisors LLC acquired a new stake in Gabelli Equity Trust in the 3rd quarter valued at about $53,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in Gabelli Equity Trust in the second quarter valued at approximately $57,000. 7.24% of the stock is currently owned by institutional investors and hedge funds.

Gabelli Equity Trust Company Profile

Gabelli Equity Trust Inc NYSE: GAB is a diversified, closed-end management investment company. The fund seeks long-term growth of capital, with income as a secondary objective, by investing primarily in a portfolio of common stocks and other equity securities.

The fund uses a value-oriented investment approach associated with Gabelli Funds, LLC, its investment adviser. Its portfolio may include companies across a range of industries and can contain both U.S. and international investments, providing shareholders with exposure to established and growth-oriented businesses in multiple sectors and geographies.

Gabelli Equity Trust was organized in 1986 and is managed by Gabelli Funds, an affiliate of GAMCO Investors.

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