Wolverine Asset Management LLC Buys 98,444 Shares of The Gabelli Equity Trust Inc. (NYSE:GAB)

Wolverine Asset Management LLC grew its stake in The Gabelli Equity Trust Inc. (NYSE:GAB) by 435.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 121,044 shares of the financial services provider’s stock after acquiring an additional 98,444 shares during the quarter. Wolverine Asset Management LLC’s holdings in The Gabelli Equity Trust were worth $665,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Concourse Financial Group Securities Inc. boosted its stake in 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 worth $31,000 after purchasing an additional 4,300 shares in the last quarter. Rothschild Investment LLC bought a new position in shares of The Gabelli Equity Trust in the second quarter worth approximately $31,000. CNB Bank purchased a new stake in shares of The Gabelli Equity Trust during the third quarter valued at approximately $38,000. CreativeOne Wealth LLC purchased a new stake in shares of The Gabelli Equity Trust during the first quarter valued at approximately $56,000. Finally, Triton Wealth Management PLLC bought a new stake in shares of The Gabelli Equity Trust during the third quarter valued at approximately $60,000. 7.24% of the stock is owned by hedge funds and other institutional investors.

The Gabelli Equity Trust Price Performance

GAB stock opened at $5.57 on Thursday. The stock’s 50 day simple moving average is $5.46 and its 200 day simple moving average is $5.42. The Gabelli Equity Trust Inc. has a 12-month low of $4.87 and a 12-month high of $5.74.

The Gabelli Equity Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Investors of record on Monday, September 16th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $0.60 annualized dividend and a dividend yield of 10.78%.

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.