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

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

The Gabelli Equity Trust Stock Performance

The business’s 50 day moving average price is $5.48 and its 200-day moving average price is $5.43.

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 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.

Hedge Funds Weigh In On The Gabelli Equity Trust

A number of large investors have recently made changes to their positions in the company. PFG Investments LLC grew its holdings in The Gabelli Equity Trust by 2.3% in the 3rd quarter. PFG Investments LLC now owns 83,651 shares of the financial services provider’s stock valued at $459,000 after buying an additional 1,869 shares in the last quarter. Magnus Financial Group LLC raised its stake in The Gabelli Equity Trust by 2.7% in the 2nd quarter. Magnus Financial Group LLC now owns 78,166 shares of the financial services provider’s stock worth $406,000 after purchasing an additional 2,063 shares in the last quarter. Evernest Financial Advisors LLC boosted its holdings in The Gabelli Equity Trust by 2.8% in the 3rd quarter. Evernest Financial Advisors LLC now owns 99,398 shares of the financial services provider’s stock valued at $546,000 after purchasing an additional 2,663 shares during the period. Brookstone Capital Management grew its position in shares of The Gabelli Equity Trust by 5.1% during the 2nd quarter. Brookstone Capital Management now owns 56,612 shares of the financial services provider’s stock worth $311,000 after purchasing an additional 2,759 shares in the last quarter. Finally, IFG Advisory LLC increased its holdings in shares of The Gabelli Equity Trust by 11.7% during the second quarter. IFG Advisory LLC now owns 31,486 shares of the financial services provider’s stock worth $164,000 after purchasing an additional 3,300 shares during the period. 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.