The Gabelli Equity Trust (NYSE:GAB) Sets New 12-Month High – Here’s What Happened

The Gabelli Equity Trust Inc. (NYSE:GAB)’s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $5.85 and last traded at $5.85, with a volume of 311898 shares trading hands. The stock had previously closed at $5.79.

The Gabelli Equity Trust Stock Up 0.6%

The business has a 50 day simple moving average of $5.51 and a 200-day simple moving average of $5.53.

The Gabelli Equity Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 13th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.60 annualized dividend and a yield of 10.30%.

Institutional Trading of The Gabelli Equity Trust

Hedge funds and other institutional investors have recently made changes to their positions in the company. LPL Financial LLC raised its position in shares of The Gabelli Equity Trust by 28.3% during the 4th quarter. LPL Financial LLC now owns 3,520,427 shares of the financial services provider’s stock valued at $18,940,000 after buying an additional 776,591 shares during the period. J.W. Cole Advisors Inc. increased its stake in The Gabelli Equity Trust by 3,654.1% during the first quarter. J.W. Cole Advisors Inc. now owns 720,307 shares of the financial services provider’s stock worth $3,969,000 after acquiring an additional 701,120 shares during the last quarter. Golden State Wealth Management LLC raised its position in The 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 valued at $5,715,000 after purchasing an additional 493,510 shares during the period. Raymond James Financial Inc. purchased a new position in shares of The Gabelli Equity Trust during the 4th quarter worth $2,614,000. Finally, Independent Advisor Alliance acquired a new stake in shares of The Gabelli Equity Trust during the 4th quarter worth about $1,978,000. Institutional investors and hedge funds own 7.24% of the company’s stock.

About The 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.