Gabelli Equity Trust (NYSE:GAB) Hits New 12-Month High – Should You Buy?

Gabelli Equity Trust Inc. (NYSE:GAB)’s share price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $6.32 and last traded at $6.2950, with a volume of 198798 shares trading hands. The stock had previously closed at $6.27.

Gabelli Equity Trust Price Performance

The business has a 50-day simple moving average of $6.14 and a two-hundred day simple moving average of $6.08.

Gabelli Equity Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 12th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 9.5%. The ex-dividend date was Friday, December 12th.

Insider Buying and Selling at Gabelli Equity Trust

In other news, insider Mario J. Gabelli purchased 500,000 shares of the business’s stock in a transaction dated Friday, December 26th. The shares were acquired at an average price of $10.00 per share, for a total transaction of $5,000,000.00. Following the completion of the acquisition, the insider directly owned 500,000 shares of the company’s stock, valued at $5,000,000. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.85% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Hilltop Holdings Inc. boosted its position in Gabelli Equity Trust by 9.6% during the 3rd quarter. Hilltop Holdings Inc. now owns 19,756 shares of the financial services provider’s stock worth $120,000 after acquiring an additional 1,724 shares during the period. Smith Moore & CO. increased its stake in Gabelli Equity Trust by 11.2% in the 4th quarter. Smith Moore & CO. now owns 17,595 shares of the financial services provider’s stock valued at $109,000 after buying an additional 1,776 shares during the period. Symphony Financial Services Inc. lifted its position in Gabelli Equity Trust by 6.6% in the 3rd quarter. Symphony Financial Services Inc. now owns 31,944 shares of the financial services provider’s stock worth $195,000 after buying an additional 1,966 shares in the last quarter. Baird Financial Group Inc. boosted its stake in shares of Gabelli Equity Trust by 6.5% during the 2nd quarter. Baird Financial Group Inc. now owns 32,548 shares of the financial services provider’s stock valued at $189,000 after buying an additional 2,000 shares during the period. Finally, Good Life Advisors LLC grew its holdings in shares of Gabelli Equity Trust by 10.0% during the 2nd quarter. Good Life Advisors LLC now owns 22,161 shares of the financial services provider’s stock valued at $129,000 after acquiring an additional 2,020 shares in the last quarter. 7.24% of the stock is owned by institutional investors and hedge funds.

About Gabelli Equity Trust

Gabelli Equity Trust, Inc (NYSE: GAB) is a closed-end management investment company focused on generating long-term capital appreciation through an actively managed portfolio of primarily U.S.-listed equity securities. Incorporated in Delaware, the Trust pursues a value-oriented approach, leveraging intensive fundamental research to identify small- and mid-cap companies with growth potential and favorable valuation metrics.

Since its initial public offering in 1977, the Trust has invested across a range of sectors, including consumer staples, financial services, industrials and technology, aiming to construct a high-conviction portfolio of companies expected to outperform over time.