The Gabelli Equity Trust (NYSE:GAB) Sets New 1-Year High – Time to Buy?

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

The Gabelli Equity Trust Price Performance

The company’s 50-day moving average price is $5.51 and its 200-day moving average price is $5.53.

The Gabelli Equity Trust Dividend Announcement

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

Hedge Funds Weigh In On The Gabelli Equity Trust

Several hedge funds and other institutional investors have recently made changes to their positions in GAB. Kentucky Trust Co purchased a new stake in shares of The Gabelli Equity Trust during the fourth quarter worth approximately $40,000. Northwestern Mutual Wealth Management Co. grew its holdings in shares of The 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 buying an additional 6,479 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of The Gabelli Equity Trust by 194.3% in the first quarter. PNC Financial Services Group Inc. now owns 8,251 shares of the financial services provider’s stock valued at $45,000 after buying an additional 5,447 shares during the last quarter. Bank of Montreal Can purchased a new position in shares of The Gabelli Equity Trust in the fourth quarter worth about $56,000. Finally, Strategic Financial Concepts LLC purchased a new stake in The Gabelli Equity Trust during the 4th quarter valued at about $58,000. Hedge funds and other institutional investors 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.