Gabelli Equity Trust (NYSE:GAB) Reaches New 12-Month 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 - ) 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 traded. The stock had previously closed at $6.14.

Gabelli Equity Trust Stock Up 0.4%

The stock has a 50 day moving average price of $5.95 and a 200 day moving average price of $5.69.

Gabelli Equity Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 16th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 9.7%. The ex-dividend date of this dividend is Tuesday, September 16th.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Geneos Wealth Management Inc. grew 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 worth $30,000 after acquiring an additional 3,400 shares during the period. MorganRosel Wealth Management LLC acquired a new position in Gabelli Equity Trust during the second quarter worth about $36,000. Northwestern Mutual Wealth Management Co. grew its holdings in Gabelli Equity Trust by 472.6% during 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 period. PNC Financial Services Group Inc. raised its position in shares of Gabelli Equity Trust by 194.3% during the first quarter. PNC Financial Services Group Inc. now owns 8,251 shares of the financial services provider's stock worth $45,000 after purchasing an additional 5,447 shares during the period. Finally, Novem Group acquired a new stake in shares of Gabelli Equity Trust during the first quarter worth $58,000. 7.24% of the stock is owned by institutional investors and hedge funds.

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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