Gabelli Equity Trust (NYSE:GAB) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Gabelli Equity Trust Inc. (NYSE:GAB) saw strong trading volume on Wednesday. Approximately 1,485,292 shares were traded during trading, an increase of 46% from the previous session’s volume of 1,019,906 shares. The stock last traded at $5.4250 and had previously closed at $5.43.

Gabelli Equity Trust Stock Performance

The firm has a 50 day moving average price of $5.62 and a 200 day moving average price of $5.61.

Gabelli Equity Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th were paid a dividend of $0.15 per share. The ex-dividend date was Wednesday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 11.4%.

Hedge Funds Weigh In On Gabelli Equity Trust

Several institutional investors have recently bought and sold shares of GAB. Rivernorth Capital Management LLC acquired a new stake in Gabelli Equity Trust in the second quarter valued at approximately $37,409,000. 1607 Capital Partners LLC acquired a new position in shares of Gabelli Equity Trust during the second quarter worth $2,264,000. IMC Chicago LLC purchased a new stake in shares of Gabelli Equity Trust during the 2nd quarter valued at $1,038,000. Leigh Baldwin & CO. LLC purchased a new stake in shares of Gabelli Equity Trust during the 2nd quarter valued at $487,000. Finally, World Investment Advisors acquired a new stake in shares of Gabelli Equity Trust in the 4th quarter worth $511,000. 7.24% of the stock is owned by hedge funds and other institutional investors.

About Gabelli Equity Trust

Gabelli Equity Trust Inc is a diversified closed-end management investment company listed on the New York Stock Exchange under the symbol GAB. The fund seeks long-term growth of capital, with current income as a secondary objective, by investing primarily in a diversified portfolio of equity securities.

The portfolio may include common stocks and other equity investments in companies across a range of industries and geographic regions, including both the United States and international markets.