The Gabelli Equity Trust (NYSE:GAB) Sees Large Volume Increase – Time to Buy?

The Gabelli Equity Trust Inc. (NYSE:GAB) shares saw unusually-strong trading volume on Friday . Approximately 734,599 shares were traded during mid-day trading, an increase of 69% from the previous session’s volume of 434,830 shares.The stock last traded at $5.65 and had previously closed at $5.53.

The Gabelli Equity Trust Stock Up 2.3 %

The stock’s fifty day moving average price is $5.55 and its 200-day moving average price is $5.47.

The Gabelli Equity Trust Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, December 13th were given a $0.15 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.60 annualized dividend and a dividend yield of 10.61%.

Institutional Trading of The Gabelli Equity Trust

A number of hedge funds have recently made changes to their positions in GAB. International Assets Investment Management LLC boosted its holdings in shares of The Gabelli Equity Trust by 466.5% during the third quarter. International Assets Investment Management LLC now owns 2,301,030 shares of the financial services provider’s stock valued at $12,633,000 after acquiring an additional 1,894,854 shares during the period. Shaker Financial Services LLC lifted its holdings in The Gabelli Equity Trust by 413.3% in the 3rd quarter. Shaker Financial Services LLC now owns 652,653 shares of the financial services provider’s stock valued at $3,583,000 after acquiring an additional 525,502 shares during the last quarter. Consolidated Portfolio Review Corp acquired a new stake in The Gabelli Equity Trust in the 3rd quarter valued at about $648,000. Kera Capital Partners Inc. acquired a new stake in The Gabelli Equity Trust during the 4th quarter worth about $569,000. Finally, Wolverine Asset Management LLC raised its holdings in The Gabelli Equity Trust by 435.6% during the 3rd quarter. Wolverine Asset Management LLC now owns 121,044 shares of the financial services provider’s stock worth $665,000 after buying an additional 98,444 shares during the period. 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.