Wedbush Securities Inc. Cuts Stock Position in Gabelli Equity Trust Inc. $GAB

Wedbush Securities Inc. cut its stake in shares of Gabelli Equity Trust Inc. (NYSE:GAB) by 47.0% in the second quarter, HoldingsChannel.com reports. The fund owned 200,329 shares of the financial services provider’s stock after selling 177,439 shares during the period. Wedbush Securities Inc.’s holdings in Gabelli Equity Trust were worth $1,134,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. IMC Chicago LLC acquired a new position in shares of Gabelli Equity Trust during the 2nd quarter worth about $1,038,000. Truist Financial Corp boosted its holdings in Gabelli Equity Trust by 722.6% in the 4th quarter. Truist Financial Corp now owns 172,371 shares of the financial services provider’s stock worth $1,064,000 after buying an additional 151,416 shares during the last quarter. Summit Wealth Group LLC Co. purchased a new stake in Gabelli Equity Trust during the 4th quarter worth approximately $70,000. CWM LLC increased its stake in Gabelli Equity Trust by 37.9% during the 4th quarter. CWM LLC now owns 17,664 shares of the financial services provider’s stock worth $109,000 after buying an additional 4,856 shares in the last quarter. Finally, Leigh Baldwin & CO. LLC purchased a new stake in Gabelli Equity Trust during the 2nd quarter worth approximately $487,000. 7.24% of the stock is owned by hedge funds and other institutional investors.

Gabelli Equity Trust Stock Performance

NYSE GAB opened at $5.67 on Tuesday. The stock’s 50 day simple moving average is $5.67 and its 200-day simple moving average is $5.69. Gabelli Equity Trust Inc. has a 1-year low of $5.28 and a 1-year high of $6.37.

Gabelli Equity Trust Announces Dividend

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

Gabelli Equity Trust 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.