The Gabelli Equity Trust Inc. (NYSE:GAB) plans quarterly dividend of $0.15
Gabelli Equity Trust Inc. (NYSE:GAB – Get Rating) declared a quarterly dividend on Tuesday, May 17, The Wall Street Journal reports. Shareholders of record on Wednesday, June 15 will receive a dividend of 0.15 per share from the financial services provider on Thursday, June 23. This represents an annualized dividend of $0.60 and a dividend yield of 8.85%. The ex-dividend date is Tuesday, June 14.
The Gabelli Equity Trust has reduced its dividend by an average of 0.5% per year over the past three years.
Shares of The Gabelli Equity Trust opened at $6.78 on Wednesday. The stock‘s 50-day simple moving average is $6.89 and its 200-day simple moving average is $7.00. The Gabelli Equity Trust has a 52-week low of $6.39 and a 52-week high of $7.57.
Several institutional investors have recently changed their positions in the company. Wells Fargo & Company MN increased its position in shares of The Gabelli Equity Trust by 12.0% in the fourth quarter. Wells Fargo & Company MN now owns 913,618 shares of the financial services provider valued at $6,569,000 after acquiring an additional 97,792 shares last quarter. International Assets Investment Management LLC purchased a new stake in shares of The Gabelli Equity Trust in the first quarter for a value of approximately $5,109,000. Royal Bank of Canada raised its position in shares of The Gabelli Equity Trust by 1.5% in the first quarter. Royal Bank of Canada now owns 488,922 shares of the financial services provider worth $3,389,000 after buying an additional 7,103 shares last quarter. Raymond James Financial Services Advisors Inc. raised its position in shares of The Gabelli Equity Trust by 8.5% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 243,624 shares of the financial services provider worth $1,688,000 after buying an additional 19,154 shares last quarter. Finally, Raymond James & Associates increased its position in shares of The Gabelli Equity Trust by 3.1% in the first quarter. Raymond James & Associates now owns 224,867 shares of the financial services provider worth $1,558,000 after buying an additional 6,793 shares last quarter. Institutional investors and hedge funds own 7.15% of the company’s shares.
About Gabelli Equity Trust (Get an evaluation)
The Gabelli Equity Trust Inc is a closed-end mutual fund launched by GAMCO Investors, Inc. The fund is managed by Gabelli Funds, LLC. It invests in the public stock markets of the United States. The fund seeks to invest in shares of companies operating in diversified sectors. It invests in preferred stocks, convertible or exchangeable securities, warrants and rights.
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