Legacy Wealth Management LLC MS Acquires Shares of 48,944 The Gabelli Equity Trust Inc. (NYSE:GAB)

Legacy Wealth Management LLC MS acquired a new stake in shares of The Gabelli Equity Trust Inc. (NYSE:GAB) in the third quarter, Holdings Channel.com reports. The firm acquired 48,944 shares of the financial services provider’s stock, valued at approximately $269,000.

A number of other institutional investors have also modified their holdings of GAB. Concourse Financial Group Securities Inc. raised its stake in shares of The Gabelli Equity Trust by 252.9% during 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 last quarter. Rothschild Investment LLC purchased a new position in shares of The Gabelli Equity Trust during the 2nd quarter valued at about $31,000. CNB Bank purchased a new position in shares of The Gabelli Equity Trust in the 3rd quarter valued at about $38,000. Triton Wealth Management PLLC purchased a new position in shares of The Gabelli Equity Trust in the 3rd quarter valued at about $60,000. Finally, Kapstone Financial Advisors LLC purchased a new position in shares of The Gabelli Equity Trust in the 2nd quarter valued at about $61,000. Hedge funds and other institutional investors own 7.24% of the company’s stock.

The Gabelli Equity Trust Price Performance

Shares of The Gabelli Equity Trust stock traded down $0.02 on Friday, hitting $5.59. The company’s stock had a trading volume of 449,956 shares, compared to its average volume of 572,821. The Gabelli Equity Trust Inc. has a 1 year low of $4.96 and a 1 year high of $5.85. The firm has a fifty day moving average price of $5.56 and a 200-day moving average price of $5.46.

The Gabelli Equity Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 13th will be paid a $0.15 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 10.73%.

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.