Private Advisor Group LLC Trims Stock Position in The Gabelli Equity Trust Inc. (NYSE:GAB)

Private Advisor Group LLC cut its holdings in shares of The Gabelli Equity Trust Inc. (NYSE:GAB) by 9.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 176,612 shares of the financial services provider’s stock after selling 19,195 shares during the quarter. Private Advisor Group LLC owned about 0.06% of The Gabelli Equity Trust worth $918,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Steward Partners Investment Solutions LLC acquired a new stake in The Gabelli Equity Trust during the fourth quarter worth about $27,000. Concourse Financial Group Securities Inc. increased its stake in The Gabelli Equity Trust by 252.9% during the second quarter. Concourse Financial Group Securities Inc. now owns 6,000 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 4,300 shares during the last quarter. Rothschild Investment LLC acquired a new stake in The Gabelli Equity Trust during the second quarter worth about $31,000. ICA Group Wealth Management LLC acquired a new stake in shares of The Gabelli Equity Trust in the fourth quarter valued at about $32,000. Finally, CreativeOne Wealth LLC acquired a new stake in shares of The Gabelli Equity Trust in the first quarter valued at about $56,000. 7.24% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Mario J. Gabelli bought 11,750 shares of The Gabelli Equity Trust stock in a transaction on Wednesday, June 26th. The shares were bought at an average price of $100.00 per share, with a total value of $1,175,000.00. Following the acquisition, the insider now directly owns 16,750 shares in the company, valued at approximately $1,675,000. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.90% of the stock is currently owned by company insiders.

The Gabelli Equity Trust Trading Up 0.4 %

GAB stock opened at $5.36 on Tuesday. The stock has a 50-day simple moving average of $5.40 and a 200-day simple moving average of $5.41. The Gabelli Equity Trust Inc. has a 1 year low of $4.56 and a 1 year high of $5.74.

The Gabelli Equity Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Monday, 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 11.19%. The ex-dividend date of this dividend is Monday, September 16th.

The Gabelli Equity Trust Company Profile

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.