The Gabelli Equity Trust (NYSE:GAB) Hits New 52-Week High – Here’s What Happened

The Gabelli Equity Trust Inc. (NYSE:GAB)’s stock price hit a new 52-week high on Monday . The company traded as high as $5.84 and last traded at $5.84, with a volume of 58700 shares trading hands. The stock had previously closed at $5.83.

The Gabelli Equity Trust Stock Performance

The firm’s 50 day moving average is $5.55 and its two-hundred day moving average is $5.45.

The Gabelli Equity Trust Dividend Announcement

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

Hedge Funds Weigh In On The Gabelli Equity Trust

Institutional investors and hedge funds have recently modified their holdings of the business. PFG Investments LLC increased its position in shares of The Gabelli Equity Trust by 2.3% during the third quarter. PFG Investments LLC now owns 83,651 shares of the financial services provider’s stock worth $459,000 after acquiring an additional 1,869 shares in the last quarter. Magnus Financial Group LLC lifted its holdings in shares of The Gabelli Equity Trust by 2.7% in the second quarter. Magnus Financial Group LLC now owns 78,166 shares of the financial services provider’s stock valued at $406,000 after purchasing an additional 2,063 shares in the last quarter. Evernest Financial Advisors LLC boosted its position in shares of The Gabelli Equity Trust by 2.8% during the third quarter. Evernest Financial Advisors LLC now owns 99,398 shares of the financial services provider’s stock worth $546,000 after buying an additional 2,663 shares during the period. Brookstone Capital Management grew its holdings in shares of The Gabelli Equity Trust by 5.1% during the second quarter. Brookstone Capital Management now owns 56,612 shares of the financial services provider’s stock worth $311,000 after buying an additional 2,759 shares in the last quarter. Finally, IFG Advisory LLC lifted its stake in The Gabelli Equity Trust by 11.7% in the 2nd quarter. IFG Advisory LLC now owns 31,486 shares of the financial services provider’s stock valued at $164,000 after acquiring an additional 3,300 shares in the last quarter. 7.24% of the stock is currently owned by institutional investors and hedge funds.

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.