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Gabelli Equity Trust (NYSE:GAB) Sets New 12-Month High - Should You Buy?

Gabelli Equity Trust logo with Finance background

Key Points

  • Gabelli Equity Trust shares reached a new 52-week high of $5.98 during mid-day trading, signaling strong market performance.
  • The company announced a quarterly dividend of $0.15 per share, equating to an annual yield of 10.0% for investors.
  • Institutional investors have significantly increased their positions in Gabelli Equity Trust, with notable increases from firms like Kingstone Capital Partners and J.W. Cole Advisors.
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Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $5.97 and last traded at $5.98, with a volume of 40401 shares. The stock had previously closed at $5.95.

Gabelli Equity Trust Stock Performance

The stock has a 50-day moving average price of $5.84 and a 200-day moving average price of $5.63.

Gabelli Equity Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 13th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 10.0%. The ex-dividend date was Friday, June 13th.

Institutional Investors Weigh In On Gabelli Equity Trust

A number of hedge funds have recently added to or reduced their stakes in the business. Kingstone Capital Partners Texas LLC increased its holdings in 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 purchasing an additional 123,271,664 shares in the last quarter. J.W. Cole Advisors Inc. increased its holdings in 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 purchasing an additional 537,971 shares in the last quarter. Golden State Wealth Management LLC increased its holdings in 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 purchasing an additional 493,510 shares in the last quarter. Gamco Investors INC. ET AL increased its holdings in 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 purchasing an additional 5,430 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in 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 purchasing an additional 27,661 shares in the last quarter. 7.24% of the stock is currently owned by institutional investors.

About Gabelli Equity Trust

(Get Free Report)

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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