The Gabelli Equity Trust (NYSE:GAB) Sees Unusually-High Trading Volume – Still a Buy?

The Gabelli Equity Trust Inc. (NYSE:GAB) shares saw unusually-strong trading volume on Friday . Approximately 215,640 shares traded hands during trading, a decline of 62% from the previous session’s volume of 572,112 shares.The stock last traded at $5.62 and had previously closed at $5.61.

The Gabelli Equity Trust Price Performance

The firm’s 50 day moving average price is $5.56 and its two-hundred day moving average price is $5.46.

The Gabelli Equity Trust Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, December 13th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 10.71%. The ex-dividend date of this dividend is Friday, December 13th.

Hedge Funds Weigh In On The Gabelli Equity Trust

Several institutional investors have recently made changes to their positions in GAB. Concourse Financial Group Securities Inc. lifted its stake in The Gabelli Equity Trust by 252.9% during the 2nd quarter. Concourse Financial Group Securities Inc. now owns 6,000 shares of the financial services provider’s stock valued at $31,000 after acquiring an additional 4,300 shares in the last quarter. Rothschild Investment LLC purchased a new stake in The Gabelli Equity Trust in the 2nd quarter valued at about $31,000. CNB Bank bought a new position in shares of The Gabelli Equity Trust during the 3rd quarter worth approximately $38,000. Triton Wealth Management PLLC bought a new position in shares of The Gabelli Equity Trust in the third quarter valued at approximately $60,000. Finally, Kapstone Financial Advisors LLC purchased a new stake in shares of The Gabelli Equity Trust during the second quarter valued at approximately $61,000. Institutional investors and hedge funds own 7.24% of the company’s stock.

The Gabelli Equity Trust Company Profile

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.