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

Shares of The Gabelli Equity Trust Inc. (NYSE:GAB) reached a new 52-week high on Monday . The stock 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 has a fifty day moving average of $5.47 and a 200-day moving average of $5.43.

The Gabelli Equity Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 10.43%.

Hedge Funds Weigh In On The Gabelli Equity Trust

Several institutional investors have recently modified their holdings of GAB. Arete Wealth Advisors LLC bought a new position in The Gabelli Equity Trust during the 3rd quarter worth approximately $85,000. Executive Wealth Management LLC bought a new position in The Gabelli Equity Trust during the 3rd quarter worth approximately $82,000. LRI Investments LLC bought a new position in The Gabelli Equity Trust during the 3rd quarter worth approximately $90,000. HighTower Advisors LLC grew its position in The Gabelli Equity Trust by 13.3% during the 3rd quarter. HighTower Advisors LLC now owns 84,531 shares of the financial services provider’s stock worth $462,000 after acquiring an additional 9,914 shares during the last quarter. Finally, Financial Counselors Inc. grew its position in The Gabelli Equity Trust by 374.5% during the 3rd quarter. Financial Counselors Inc. now owns 54,395 shares of the financial services provider’s stock worth $299,000 after acquiring an additional 42,931 shares during the last quarter. 7.24% of the stock is currently owned by institutional investors.

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.