The Gabelli Equity Trust (NYSE:GAB) Sets New 1-Year High – Time to Buy?

The Gabelli Equity Trust Inc. (NYSE:GAB)’s stock price reached a new 52-week high on Monday . The company traded as high as $5.74 and last traded at $5.73, with a volume of 73325 shares changing hands. The stock had previously closed at $5.69.

The Gabelli Equity Trust Trading Up 0.3 %

The firm has a fifty day moving average price of $5.48 and a 200-day moving average price of $5.43.

The Gabelli Equity Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.40%. The ex-dividend date is Friday, December 13th.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Concourse Financial Group Securities Inc. grew its position in 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 worth $31,000 after acquiring an additional 4,300 shares during the last quarter. Rothschild Investment LLC acquired a new stake in shares of The Gabelli Equity Trust during the second quarter valued at about $31,000. CNB Bank bought a new stake in shares of The Gabelli Equity Trust during the third quarter worth about $38,000. Triton Wealth Management PLLC acquired a new position in shares of The Gabelli Equity Trust in the third quarter valued at approximately $60,000. Finally, Beacon Capital Management LLC bought a new position in The Gabelli Equity Trust in the 1st quarter valued at approximately $61,000. 7.24% of the stock is currently owned by institutional investors and hedge funds.

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.