Gabelli Equity Trust (NYSE:GAB) Sets New 52-Week High - Still a Buy?

Key Points

• Gabelli Equity Trust shares reached a new 52-week high of $6.12, reflecting a slight increase of 0.1% during trading.
• The company declared a quarterly dividend of $0.15, which provides an annual yield of 9.8%, with the ex-dividend date set for September 16th.
• Several institutional investors have increased their stakes in Gabelli Equity Trust, indicating growing confidence, with ownership by these entities now at 7.24% of the stock.

Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report) shares reached a new 52-week high during trading on Wednesday . The company traded as high as $6.12 and last traded at $6.12, with a volume of 578518 shares. The stock had previously closed at $6.11.

Gabelli Equity Trust Price Performance

The company has a fifty day simple moving average of $5.94 and a two-hundred day simple moving average of $5.68.

Gabelli Equity Trust Announces Dividend

The firm also recently announced 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. This represents a $0.60 annualized dividend and a yield of 9.7%. The ex-dividend date is Tuesday, September 16th.

Institutional Trading of Gabelli Equity Trust

Several institutional investors and hedge funds have recently modified their holdings of GAB. Geneos Wealth Management Inc. raised its position in shares of Gabelli Equity Trust by 200.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 5,100 shares of the financial services provider's stock worth $30,000 after purchasing an additional 3,400 shares during the last quarter. MorganRosel Wealth Management LLC purchased a new position in Gabelli Equity Trust during the second quarter worth $36,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of 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 worth $43,000 after acquiring an additional 6,479 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Gabelli Equity Trust by 194.3% in 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 acquiring an additional 5,447 shares in the last quarter. Finally, Novem Group acquired a new stake in shares of Gabelli Equity Trust during the first quarter valued at $58,000. 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.