Gabelli Equity Trust (NYSE:GAB) Hits New 52-Week High – Here’s What Happened

Gabelli Equity Trust Inc. (NYSE:GAB)’s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $6.32 and last traded at $6.2950, with a volume of 198798 shares traded. The stock had previously closed at $6.27.

Gabelli Equity Trust Trading Up 0.2%

The firm has a fifty day simple moving average of $6.14 and a 200-day simple moving average of $6.08.

Gabelli Equity Trust Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 12th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, December 12th. This represents a $0.60 annualized dividend and a yield of 9.5%.

Insider Buying and Selling

In other news, insider Mario J. Gabelli bought 500,000 shares of the firm’s stock in a transaction dated Friday, December 26th. The stock was bought at an average price of $10.00 per share, for a total transaction of $5,000,000.00. Following the transaction, the insider owned 500,000 shares in the company, valued at $5,000,000. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.85% of the company’s stock.

Institutional Trading of Gabelli Equity Trust

Several hedge funds have recently bought and sold shares of GAB. Flagship Harbor Advisors LLC acquired a new position in shares of Gabelli Equity Trust during the fourth quarter worth approximately $30,000. Huntington National Bank bought a new position in shares of Gabelli Equity Trust in the third quarter worth $30,000. Geneos Wealth Management Inc. increased its holdings in shares of 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 valued at $30,000 after purchasing an additional 3,400 shares during the period. Larson Financial Group LLC bought a new position in Gabelli Equity Trust in the 3rd quarter valued at about $34,000. Finally, MorganRosel Wealth Management LLC acquired a new position in Gabelli Equity Trust during the 2nd quarter valued at about $36,000. 7.24% of the stock is currently owned by institutional investors.

Gabelli Equity Trust Company Profile

Gabelli Equity Trust, Inc (NYSE: GAB) is a closed-end management investment company focused on generating long-term capital appreciation through an actively managed portfolio of primarily U.S.-listed equity securities. Incorporated in Delaware, the Trust pursues a value-oriented approach, leveraging intensive fundamental research to identify small- and mid-cap companies with growth potential and favorable valuation metrics.

Since its initial public offering in 1977, the Trust has invested across a range of sectors, including consumer staples, financial services, industrials and technology, aiming to construct a high-conviction portfolio of companies expected to outperform over time.