Wedbush Securities Inc. Sells 2,125 Shares of The Gabelli Equity Trust Inc. (NYSE:GAB)

Wedbush Securities Inc. cut its stake in The Gabelli Equity Trust Inc. (NYSE:GAB) by 1.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 115,560 shares of the financial services provider’s stock after selling 2,125 shares during the quarter. Wedbush Securities Inc.’s holdings in The Gabelli Equity Trust were worth $601,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Steward Partners Investment Solutions LLC acquired a new position in The Gabelli Equity Trust during the fourth quarter valued at approximately $27,000. Concourse Financial Group Securities Inc. grew its holdings in shares of The Gabelli Equity Trust by 252.9% in the 2nd quarter. Concourse Financial Group Securities Inc. now owns 6,000 shares of the financial services provider’s stock valued at $31,000 after buying an additional 4,300 shares during the period. Rothschild Investment LLC bought a new stake in shares of The Gabelli Equity Trust in the 2nd quarter valued at $31,000. ICA Group Wealth Management LLC acquired a new stake in The Gabelli Equity Trust during the 4th quarter worth $32,000. Finally, CreativeOne Wealth LLC bought a new position in The Gabelli Equity Trust during the first quarter worth about $56,000. 7.24% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Mario J. Gabelli purchased 11,750 shares of The Gabelli Equity Trust stock in a transaction dated Wednesday, June 26th. The stock was bought at an average price of $100.00 per share, for a total transaction of $1,175,000.00. Following the completion of the acquisition, the insider now directly owns 16,750 shares of the company’s stock, valued at $1,675,000. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.90% of the company’s stock.

The Gabelli Equity Trust Price Performance

NYSE:GAB opened at $5.52 on Friday. The Gabelli Equity Trust Inc. has a 1 year low of $4.56 and a 1 year high of $5.74. The stock has a 50-day moving average price of $5.39 and a two-hundred day moving average price of $5.41.

The Gabelli Equity Trust Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 23rd. Investors of record on Monday, September 16th will be paid a dividend of $0.15 per share. The ex-dividend date is Monday, September 16th. This represents a $0.60 dividend on an annualized basis and a yield of 10.87%.

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.