The Gabelli Equity Trust (NYSE:GAB) Hits New 12-Month High – What’s Next?

The Gabelli Equity Trust Inc. (NYSE:GAB) hit a new 52-week high during trading on Tuesday . The stock traded as high as $5.84 and last traded at $5.81, with a volume of 73028 shares. The stock had previously closed at $5.79.

The Gabelli Equity Trust Trading Up 0.3 %

The stock’s fifty day moving average is $5.51 and its 200 day moving average is $5.44.

The Gabelli Equity Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Stockholders of record on Friday, December 13th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 10.33%. The ex-dividend date of this dividend is Friday, December 13th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of GAB. Concourse Financial Group Securities Inc. grew its stake in shares of 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 buying an additional 4,300 shares during the last quarter. Rothschild Investment LLC bought a new stake in shares of The Gabelli Equity Trust during the 2nd quarter valued at $31,000. CNB Bank bought a new stake in shares of The Gabelli Equity Trust during the 3rd quarter valued at $38,000. Triton Wealth Management PLLC bought a new position in The Gabelli Equity Trust in the 3rd quarter worth $60,000. Finally, Kapstone Financial Advisors LLC purchased a new position in The Gabelli Equity Trust during the second quarter valued at $61,000. Hedge funds and other institutional investors own 7.24% of the company’s stock.

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.