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

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

The Gabelli Equity Trust Stock Performance

The business has a 50 day moving average of $5.51 and a 200-day moving average of $5.44.

The Gabelli Equity Trust Announces Dividend

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 given a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.33%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GAB. Shaker Financial Services LLC increased 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 worth $3,583,000 after buying an additional 525,502 shares during the last quarter. Consolidated Portfolio Review Corp purchased a new position in The Gabelli Equity Trust in the third quarter worth $648,000. International Assets Investment Management LLC increased its stake in The Gabelli Equity Trust by 466.5% in the third quarter. International Assets Investment Management LLC now owns 2,301,030 shares of the financial services provider’s stock valued at $12,633,000 after acquiring an additional 1,894,854 shares during the last quarter. Cetera Investment Advisers raised its position in The Gabelli Equity Trust by 1,196.4% during the first quarter. Cetera Investment Advisers now owns 449,417 shares of the financial services provider’s stock valued at $2,481,000 after purchasing an additional 414,751 shares in the last quarter. Finally, Wolverine Asset Management LLC lifted its stake in The Gabelli Equity Trust by 435.6% during the third quarter. Wolverine Asset Management LLC now owns 121,044 shares of the financial services provider’s stock worth $665,000 after purchasing an additional 98,444 shares during the last quarter. 7.24% of the stock is currently owned by hedge funds and other 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.