Gabelli Equity Trust (NYSE:GAB) Reaches New 1-Year Low – Here’s Why

Gabelli Equity Trust Inc. (NYSE:GAB) reached a new 52-week low during mid-day trading on Thursday. The company traded as low as $5.26 and last traded at $5.2750, with a volume of 2300814 shares traded. The stock had previously closed at $5.32.

Gabelli Equity Trust Stock Down 0.8%

The stock has a 50 day moving average of $5.63 and a 200-day moving average of $5.61.

Gabelli Equity Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th were issued a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.60 annualized dividend and a yield of 11.4%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Rivernorth Capital Management LLC purchased a new stake in shares of Gabelli Equity Trust during the second quarter worth $37,409,000. 1607 Capital Partners LLC bought a new stake in shares of Gabelli Equity Trust during the 2nd quarter valued at $2,264,000. IMC Chicago LLC bought a new stake in shares of Gabelli Equity Trust during the 2nd quarter valued at $1,038,000. Leigh Baldwin & CO. LLC purchased a new stake in Gabelli Equity Trust during the 2nd quarter worth about $487,000. Finally, World Investment Advisors purchased a new stake in Gabelli Equity Trust during the 4th quarter worth about $511,000. 7.24% of the stock is currently 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.