Gabelli Equity Trust (NYSE:GAB) Hits New 1-Year High - Should You Buy?

Key Points

• Gabelli Equity Trust stock hit a new 52-week high of $6.32 during trading, marking significant market momentum, with a trading volume of 789,400 shares.
• The company announced a quarterly dividend of $0.15 per share, set to be paid on September 23rd, reflecting an annualized yield of 9.5%.
• Institutional investors have been actively adjusting their stakes, with notable increases from firms like Geneos Wealth Management and Northwestern Mutual Wealth Management.

Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $6.32 and last traded at $6.31, with a volume of 789400 shares changing hands. The stock had previously closed at $6.29.

Gabelli Equity Trust Trading Up 0.1%

The firm's 50-day moving average is $6.00 and its 200-day moving average is $5.72.

Gabelli Equity Trust Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Shareholders of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.60 annualized dividend and a yield of 9.8%.

Hedge Funds Weigh In On Gabelli Equity Trust

Several large investors have recently added to or reduced their stakes in the company. Osaic Holdings Inc. lifted its holdings in Gabelli Equity Trust by 11.4% during the second quarter. Osaic Holdings Inc. now owns 211,300 shares of the financial services provider's stock valued at $1,229,000 after purchasing an additional 21,539 shares in the last quarter. Tactive Advisors LLC purchased a new position in Gabelli Equity Trust during the second quarter valued at approximately $100,000. Geneos Wealth Management Inc. lifted its holdings in Gabelli Equity Trust by 200.0% during the second quarter. Geneos Wealth Management Inc. now owns 5,100 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 3,400 shares in the last quarter. Bank of America Corp DE lifted its holdings in Gabelli Equity Trust by 4.7% during the second quarter. Bank of America Corp DE now owns 531,315 shares of the financial services provider's stock valued at $3,092,000 after purchasing an additional 23,911 shares in the last quarter. Finally, Ameriprise Financial Inc. purchased a new position in Gabelli Equity Trust during the second quarter valued at approximately $79,000. Hedge funds and other institutional investors own 7.24% of the company's stock.

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.