Gabelli Equity Trust (NYSE:GAB) Sees Large Volume Increase – Here’s What Happened

Shares of Gabelli Equity Trust Inc. (NYSE:GAB) saw an uptick in trading volume on Wednesday . Approximately 1,485,292 shares were traded during trading, an increase of 46% from the previous session’s volume of 1,019,906 shares.The stock last traded at $5.4250 and had previously closed at $5.43.

Gabelli Equity Trust Stock Down 1.0%

The firm has a 50 day moving average price of $5.64 and a 200 day moving average price of $5.62.

Gabelli Equity Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 11.2%. The ex-dividend date is Wednesday, September 16th.

Institutional Investors Weigh In On Gabelli Equity Trust

A number of institutional investors have recently added to or reduced their stakes in the stock. 1607 Capital Partners LLC bought a new stake in Gabelli Equity Trust in the 2nd quarter worth approximately $2,264,000. IMC Chicago LLC purchased a new position in Gabelli Equity Trust during the 2nd quarter valued at $1,038,000. Rivernorth Capital Management LLC bought a new position in Gabelli Equity Trust in the 2nd quarter valued at $37,409,000. Northstar Group Inc. purchased a new stake in Gabelli Equity Trust in the second quarter worth $116,000. Finally, Core Wealth Advisors Inc. purchased a new stake in Gabelli Equity Trust in the first quarter worth $206,000. 7.24% of the stock is owned by hedge funds and other institutional investors.

Gabelli Equity Trust Company Profile

Gabelli Equity Trust Inc is a diversified closed-end management investment company listed on the New York Stock Exchange under the symbol GAB. The fund seeks long-term growth of capital, with current income as a secondary objective, by investing primarily in a diversified portfolio of equity securities.

The portfolio may include common stocks and other equity investments in companies across a range of industries and geographic regions, including both the United States and international markets.