Raymond James Financial Inc. Takes $2.61 Million Position in The Gabelli Equity Trust Inc. (NYSE:GAB)

Raymond James Financial Inc. bought a new position in The Gabelli Equity Trust Inc. (NYSE:GAB) during the fourth quarter, HoldingsChannel reports. The fund bought 485,966 shares of the financial services provider’s stock, valued at approximately $2,614,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its holdings in The Gabelli Equity Trust by 77.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 155,379 shares of the financial services provider’s stock valued at $853,000 after buying an additional 67,889 shares in the last quarter. Steward Partners Investment Advisory LLC grew its holdings in The Gabelli Equity Trust by 30.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 223,420 shares of the financial services provider’s stock valued at $1,202,000 after buying an additional 52,800 shares in the last quarter. HighTower Advisors LLC grew its holdings in shares of The Gabelli Equity Trust by 13.3% in the third quarter. HighTower Advisors LLC now owns 84,531 shares of the financial services provider’s stock valued at $462,000 after purchasing an additional 9,914 shares in the last quarter. Strategic Financial Concepts LLC bought a new stake in The Gabelli Equity Trust in the fourth quarter worth $58,000. Finally, Kera Capital Partners Inc. bought a new position in shares of The Gabelli Equity Trust in the 4th quarter valued at about $569,000. Institutional investors own 7.24% of the company’s stock.

The Gabelli Equity Trust Price Performance

Shares of NYSE GAB opened at $5.50 on Friday. The Gabelli Equity Trust Inc. has a 1-year low of $5.09 and a 1-year high of $5.85. The business’s 50 day moving average is $5.54 and its two-hundred day moving average is $5.52.

The Gabelli Equity Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Monday, March 17th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.92%.

The Gabelli Equity Trust 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.