Brookstone Capital Management Has $297,000 Holdings in The Gabelli Equity Trust Inc. (NYSE:GAB)

Brookstone Capital Management cut its stake in The Gabelli Equity Trust Inc. (NYSE:GAB) by 4.3% in the first quarter, Holdings Channel.com reports. The firm owned 53,853 shares of the financial services provider’s stock after selling 2,431 shares during the quarter. Brookstone Capital Management’s holdings in The Gabelli Equity Trust were worth $297,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Steward Partners Investment Solutions LLC acquired a new position in shares of The Gabelli Equity Trust during the 4th quarter worth about $27,000. ICA Group Wealth Management LLC acquired a new position in shares of The Gabelli Equity Trust during the 4th quarter worth about $32,000. Jump Financial LLC acquired a new position in shares of The Gabelli Equity Trust during the 4th quarter worth about $58,000. CoreCap Advisors LLC boosted its stake in shares of The Gabelli Equity Trust by 26.9% during the 4th quarter. CoreCap Advisors LLC now owns 13,491 shares of the financial services provider’s stock worth $69,000 after buying an additional 2,858 shares during the last quarter. Finally, Valeo Financial Advisors LLC acquired a new position in shares of The Gabelli Equity Trust during the 4th quarter worth about $75,000. 7.24% of the stock is owned by institutional investors and hedge funds.

The Gabelli Equity Trust Stock Performance

The Gabelli Equity Trust stock opened at $5.25 on Wednesday. The firm has a 50-day moving average of $5.40 and a 200-day moving average of $5.32. The Gabelli Equity Trust Inc. has a one year low of $4.56 and a one year high of $5.88.

The Gabelli Equity Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 21st. Stockholders of record on Thursday, June 13th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 11.43%.

Insider Transactions at The Gabelli Equity Trust

In other news, insider Mario J. Gabelli bought 11,750 shares of the company’s stock in a transaction dated Wednesday, June 26th. The shares were bought at an average cost of $100.00 per share, with a total value of $1,175,000.00. Following the acquisition, the insider now owns 16,750 shares in the company, valued at $1,675,000. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.86% of the company’s stock.

About The Gabelli Equity Trust

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.