Gabelli Equity Trust (NYSE:GAB) Sets New 52-Week Low – What’s Next?

Gabelli Equity Trust Inc. (NYSE:GAB) hit 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 Stock Performance

The business has a 50 day moving average of $5.44 and a 200-day moving average of $5.56.

Gabelli Equity Trust Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 11.7%.

Institutional Trading of Gabelli Equity Trust

A number of institutional investors have recently made changes to their positions in GAB. Rivernorth Capital Management LLC bought a new stake in shares of Gabelli Equity Trust during the 2nd quarter valued at $37,409,000. 1607 Capital Partners LLC purchased a new stake in shares of Gabelli Equity Trust during the second quarter valued at about $2,264,000. IMC Chicago LLC purchased a new stake in Gabelli Equity Trust in the second quarter valued at about $1,038,000. Sowell Financial Services LLC acquired a new stake in shares of Gabelli Equity Trust during the third quarter worth $800,000. Finally, Leigh Baldwin & CO. LLC acquired a new position in Gabelli Equity Trust during the second quarter valued at $487,000. Hedge funds and other institutional investors own 7.24% of the company’s stock.

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.