The Gabelli Equity Trust (NYSE:GAB) Sees Unusually-High Trading Volume – Still a Buy?

The Gabelli Equity Trust Inc. (NYSE:GAB) shares saw strong trading volume on Friday . 215,640 shares were traded during trading, a decline of 62% from the previous session’s volume of 572,112 shares.The stock last traded at $5.62 and had previously closed at $5.61.

The Gabelli Equity Trust Price Performance

The business has a 50-day simple moving average of $5.56 and a 200 day simple moving average of $5.46.

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 $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 10.71%. The ex-dividend date of this dividend is Friday, December 13th.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC increased its position in shares of The Gabelli Equity Trust by 8.4% during the second quarter. Commonwealth Equity Services LLC now owns 2,789,806 shares of the financial services provider’s stock worth $14,507,000 after buying an additional 216,440 shares during the period. International Assets Investment Management LLC boosted 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 valued at $12,633,000 after acquiring an additional 1,894,854 shares during the last quarter. Shaker Financial Services LLC grew its holdings in The Gabelli Equity Trust by 413.3% during the 3rd quarter. Shaker Financial Services LLC now owns 652,653 shares of the financial services provider’s stock worth $3,583,000 after acquiring an additional 525,502 shares during the period. Cetera Investment Advisers raised its position in shares of The Gabelli Equity Trust by 7.8% in the 2nd quarter. Cetera Investment Advisers now owns 484,285 shares of the financial services provider’s stock worth $2,518,000 after acquiring an additional 34,868 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in shares of The Gabelli Equity Trust by 6.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 212,791 shares of the financial services provider’s stock valued at $1,168,000 after purchasing an additional 12,220 shares during the period. Institutional investors own 7.24% of the company’s stock.

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.