The Gabelli Equity Trust (NYSE:GAB) Hits New 12-Month High – Time to Buy?

Shares of The Gabelli Equity Trust Inc. (NYSE:GAB) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $5.84 and last traded at $5.84, with a volume of 58700 shares trading hands. The stock had previously closed at $5.83.

The Gabelli Equity Trust Stock Performance

The firm’s 50-day simple moving average is $5.55 and its 200 day simple moving average is $5.45.

The Gabelli Equity Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Investors of record on Friday, December 13th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, December 13th. This represents a $0.60 annualized dividend and a yield of 10.43%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Shaker Financial Services LLC boosted its holdings in shares of The Gabelli Equity Trust by 413.3% in the 3rd quarter. Shaker Financial Services LLC now owns 652,653 shares of the financial services provider’s stock valued at $3,583,000 after buying an additional 525,502 shares during the last quarter. Consolidated Portfolio Review Corp bought a new stake in The Gabelli Equity Trust during the third quarter worth $648,000. International Assets Investment Management LLC raised its position in The Gabelli Equity Trust by 466.5% during the third quarter. International Assets Investment Management LLC now owns 2,301,030 shares of the financial services provider’s stock worth $12,633,000 after acquiring an additional 1,894,854 shares in the last quarter. Wolverine Asset Management LLC lifted its stake in The Gabelli Equity Trust by 435.6% in the third quarter. Wolverine Asset Management LLC now owns 121,044 shares of the financial services provider’s stock valued at $665,000 after acquiring an additional 98,444 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its position in shares of The Gabelli Equity Trust by 8.4% in the 2nd quarter. Commonwealth Equity Services LLC now owns 2,789,806 shares of the financial services provider’s stock valued at $14,507,000 after acquiring an additional 216,440 shares during the period. 7.24% of the stock is currently owned by institutional investors.

The Gabelli Equity Trust Company 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.