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

Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $5.90 and last traded at $5.88, with a volume of 536953 shares changing hands. The stock had previously closed at $5.86.

Gabelli Equity Trust Stock Performance

The business's fifty day moving average price is $5.72 and its 200-day moving average price is $5.54.

Gabelli Equity Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 13th were paid a dividend of $0.15 per share. 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 10.12%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Leigh Baldwin & CO. LLC bought a new position in Gabelli Equity Trust in the 4th quarter worth approximately $463,000. Janney Montgomery Scott LLC grew its holdings in Gabelli Equity Trust by 93.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 138,210 shares of the financial services provider's stock valued at $762,000 after buying an additional 66,772 shares in the last quarter. Steward Partners Investment Advisory LLC increased its stake in Gabelli Equity Trust by 30.9% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 223,420 shares of the financial services provider's stock worth $1,202,000 after acquiring an additional 52,800 shares during the last quarter. Golden State Wealth Management LLC raised its holdings in shares of Gabelli Equity Trust by 90.8% during the 1st quarter. Golden State Wealth Management LLC now owns 1,037,271 shares of the financial services provider's stock worth $5,715,000 after acquiring an additional 493,510 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Gabelli Equity Trust by 60.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 140,181 shares of the financial services provider's stock valued at $754,000 after acquiring an additional 52,691 shares during the last quarter. 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.