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

Shares of The Gabelli Equity Trust Inc. (NYSE:GAB) saw strong trading volume on Friday . 215,640 shares were traded 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 Stock Down 0.3 %

The business has a fifty day moving average price of $5.57 and a 200-day moving average price of $5.46.

The Gabelli Equity Trust Dividend Announcement

The company also recently announced 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 10.73%. The ex-dividend date of this dividend is Friday, December 13th.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in GAB. Concourse Financial Group Securities Inc. grew its holdings in shares of 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 purchasing an additional 4,300 shares during the last quarter. Rothschild Investment LLC bought a new position in shares of The Gabelli Equity Trust during the second quarter valued at about $31,000. CNB Bank purchased a new position in shares of The Gabelli Equity Trust in the third quarter worth about $38,000. Triton Wealth Management PLLC bought a new stake in shares of The Gabelli Equity Trust in the 3rd quarter valued at about $60,000. Finally, Kapstone Financial Advisors LLC purchased a new stake in The Gabelli Equity Trust during the 2nd quarter valued at about $61,000. 7.24% of the stock is owned by hedge funds and other institutional investors.

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.