Marks Group Wealth Management Inc Lowers Holdings in The Gabelli Equity Trust Inc. (NYSE:GAB)

Marks Group Wealth Management Inc trimmed its position in The Gabelli Equity Trust Inc. (NYSE:GAB) by 48.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 244,838 shares of the financial services provider’s stock after selling 229,326 shares during the period. Marks Group Wealth Management Inc owned 0.08% of The Gabelli Equity Trust worth $1,344,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Pure Financial Advisors LLC bought a new stake in The Gabelli Equity Trust during the third quarter valued at $285,000. Pinnacle Associates Ltd. bought a new stake in shares of The Gabelli Equity Trust during the 3rd quarter valued at about $146,000. Consolidated Portfolio Review Corp purchased a new position in shares of The Gabelli Equity Trust during the third quarter worth about $648,000. PFG Investments LLC increased its position in shares of The Gabelli Equity Trust by 2.3% in the third quarter. PFG Investments LLC now owns 83,651 shares of the financial services provider’s stock worth $459,000 after purchasing an additional 1,869 shares during the last quarter. Finally, Silver Oak Securities Incorporated raised its stake in The Gabelli Equity Trust by 64.9% in the third quarter. Silver Oak Securities Incorporated now owns 74,408 shares of the financial services provider’s stock valued at $407,000 after purchasing an additional 29,284 shares in the last quarter. 7.24% of the stock is currently owned by hedge funds and other institutional investors.

The Gabelli Equity Trust Price Performance

GAB stock opened at $5.55 on Thursday. The firm has a 50 day simple moving average of $5.46 and a two-hundred day simple moving average of $5.41. The Gabelli Equity Trust Inc. has a one year low of $4.71 and a one year high of $5.74.

The Gabelli Equity Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Monday, September 16th were given a $0.15 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.60 annualized dividend and a yield of 10.81%.

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.