Mario J. Gabelli, a director and control person of Gabelli Equity Trust Inc. (NYSE:GAB), has sold 5,000 shares of common stock. The shares were sold at a price of $5.731 each, totaling $28,655. Following this transaction, Gabelli indirectly owns 841,676 shares through GGCP, Inc., while directly holding 1,561,972 shares. The shares attributed to GGCP, Inc. reflect Gabelli's role as CEO and a controlling shareholder, although he disclaims beneficial ownership beyond his indirect pecuniary interest.
InvestingPro Insights
While Mario J. Gabelli has recently sold a portion of his holdings in Gabelli Equity Trust Inc. (NYSE:GAB), the company continues to demonstrate strong financial characteristics that may interest investors. According to InvestingPro data, GAB boasts a substantial dividend yield of 10.43%, which aligns with one of the InvestingPro Tips highlighting that the company "pays a significant dividend to shareholders." This high yield could be particularly attractive to income-focused investors in the current market environment.
Moreover, GAB has shown impressive price performance, with a year-to-date total return of 22.88% and a one-year total return of 25.94%. This positive momentum is further supported by the fact that the stock is trading near its 52-week high, with its current price at 99.64% of that peak.
Another noteworthy InvestingPro Tip reveals that GAB "has maintained dividend payments for 38 consecutive years," underscoring the company's commitment to returning value to shareholders over the long term. This consistent dividend history, combined with the current high yield, may explain why the stock remains attractive despite Gabelli's recent sale.
For investors seeking additional insights, InvestingPro offers 7 more tips for GAB, providing a comprehensive analysis of the company's financial health and market position.
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