Gabelli Equity Trust (NYSE:GAB) Sets New 1-Year High - What's Next?

Key Points

• Gabelli Equity Trust shares reached a new 52-week high of $6.17 during trading, showcasing a slight 0.4% increase from the previous close.
• The company announced a quarterly dividend of $0.15 per share, representing a 9.7% yield on an annualized basis, with the ex-dividend date set for September 16th.
• Institutional investors have significantly increased their positions in Gabelli Equity Trust, with some firms, like Northwestern Mutual Wealth Management, growing their holdings by over 472%.

Shares of Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $6.17 and last traded at $6.17, with a volume of 306422 shares trading hands. The stock had previously closed at $6.14.

Gabelli Equity Trust Stock Up 0.4%

The firm has a fifty day moving average price of $5.98 and a two-hundred day moving average price of $5.71.

Gabelli Equity Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 23rd. Stockholders of record on Tuesday, September 16th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 9.5%. The ex-dividend date is Tuesday, September 16th.

Institutional Investors Weigh In On Gabelli Equity Trust

Several hedge funds and other institutional investors have recently modified their holdings of the business. Kingstone Capital Partners Texas LLC raised its holdings in shares of Gabelli Equity Trust by 456,629.4% in the second quarter. Kingstone Capital Partners Texas LLC now owns 123,298,660 shares of the financial services provider's stock worth $674,594,000 after buying an additional 123,271,664 shares during the period. J.W. Cole Advisors Inc. raised its holdings in shares of Gabelli Equity Trust by 74.7% in the second quarter. J.W. Cole Advisors Inc. now owns 1,258,278 shares of the financial services provider's stock worth $7,323,000 after buying an additional 537,971 shares during the period. Golden State Wealth Management LLC raised its holdings in shares of Gabelli Equity Trust by 90.8% in the first quarter. Golden State Wealth Management LLC now owns 1,037,271 shares of the financial services provider's stock worth $5,715,000 after buying an additional 493,510 shares during the period. Gamco Investors INC. ET AL raised its holdings in shares of Gabelli Equity Trust by 0.6% in the first quarter. Gamco Investors INC. ET AL now owns 847,105 shares of the financial services provider's stock worth $4,668,000 after buying an additional 5,430 shares during the period. Finally, Cetera Investment Advisers raised its holdings in shares of Gabelli Equity Trust by 4.8% in the second quarter. Cetera Investment Advisers now owns 601,262 shares of the financial services provider's stock worth $3,499,000 after buying an additional 27,661 shares during the period. 7.24% of the stock is currently owned by hedge funds and other institutional investors.

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.