Gabelli Equity Trust (NYSE:GAB) Reaches New 1-Year High - Here's Why

Key Points

• Gabelli Equity Trust Inc. shares reached a new 52-week high at $6.55, closing last at $5.90, with a trading volume of 127 shares.
• The firm announced a quarterly dividend of $0.15 per share, resulting in an annualized dividend of $0.60 and a yield of 10.1%.
• Several hedge funds increased their positions in Gabelli Equity Trust, with Janney Montgomery Scott LLC growing its holdings by 93.5% during the first quarter.

Shares of Gabelli Equity Trust Inc. (NYSE:GAB - ) reached a new 52-week high during trading on Monday . The stock traded as high as $6.55 and last traded at $5.90, with a volume of 127 shares traded. The stock had previously closed at $5.86.

Gabelli Equity Trust Trading Up 1.3%

The firm's fifty day moving average is $6.07 and its 200 day moving average is $5.79.

Gabelli Equity Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 16th were paid a $0.15 dividend. The ex-dividend date was Tuesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.1%.

Hedge Funds Weigh In On Gabelli Equity Trust

A number of hedge funds have recently made changes to their positions in GAB. Janney Montgomery Scott LLC grew its holdings in shares of Gabelli Equity Trust by 93.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 138,210 shares of the financial services provider's stock worth $762,000 after purchasing an additional 66,772 shares during the last quarter. Sagespring Wealth Partners LLC bought a new stake in shares of Gabelli Equity Trust in the 1st quarter worth about $74,000. PFG Investments LLC grew its holdings in shares of Gabelli Equity Trust by 3.5% in the 1st quarter. PFG Investments LLC now owns 86,549 shares of the financial services provider's stock worth $477,000 after purchasing an additional 2,928 shares during the last quarter. Oppenheimer & Co. Inc. grew its holdings in Gabelli Equity Trust by 55.4% during the 1st quarter. Oppenheimer & Co. Inc. now owns 114,817 shares of the financial services provider's stock worth $633,000 after acquiring an additional 40,947 shares during the last quarter. Finally, Consolidated Portfolio Review Corp grew its holdings in Gabelli Equity Trust by 11.3% during the 1st quarter. Consolidated Portfolio Review Corp now owns 136,767 shares of the financial services provider's stock worth $754,000 after acquiring an additional 13,928 shares during the last quarter. Institutional investors and hedge funds 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.

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