Gabelli Equity Trust (NYSE:GAB) Reaches New 12-Month High - Here's What Happened

Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $5.95 and last traded at $5.95, with a volume of 20511 shares changing hands. The stock had previously closed at $5.93.

Gabelli Equity Trust Stock Down 0.3%

The stock has a fifty day moving average price of $5.80 and a 200-day moving average price of $5.59.

Gabelli Equity Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 13th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.13%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GAB. Northwestern Mutual Wealth Management Co. grew its stake in Gabelli Equity Trust by 472.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 7,850 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 6,479 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Gabelli Equity Trust by 194.3% during the first quarter. PNC Financial Services Group Inc. now owns 8,251 shares of the financial services provider's stock valued at $45,000 after buying an additional 5,447 shares in the last quarter. Bank of Montreal Can bought a new position in Gabelli Equity Trust during the fourth quarter valued at about $56,000. Novem Group bought a new position in Gabelli Equity Trust during the first quarter valued at about $58,000. Finally, Elequin Capital LP bought a new position in Gabelli Equity Trust during the fourth quarter valued at about $69,000. Hedge funds and other institutional investors own 7.24% of the company's stock.

About 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.