The Gabelli Equity Trust (NYSE:GAB) Reaches New 12-Month Low – Time to Sell?

The Gabelli Equity Trust Inc. (NYSE:GAB)’s stock price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $5.05 and last traded at $5.18, with a volume of 932833 shares trading hands. The stock had previously closed at $5.36.

The Gabelli Equity Trust Price Performance

The business has a 50 day moving average price of $5.54 and a 200 day moving average price of $5.52.

The Gabelli Equity Trust Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Monday, March 17th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 11.71%.

Institutional Investors Weigh In On The Gabelli Equity Trust

Several hedge funds and other institutional investors have recently modified their holdings of GAB. LPL Financial LLC boosted its holdings in The Gabelli Equity Trust by 28.3% in the 4th quarter. LPL Financial LLC now owns 3,520,427 shares of the financial services provider’s stock valued at $18,940,000 after purchasing an additional 776,591 shares during the period. Golden State Wealth Management LLC bought a new stake in shares of The Gabelli Equity Trust in the fourth quarter valued at about $2,925,000. Raymond James Financial Inc. bought a new stake in shares of The Gabelli Equity Trust in the fourth quarter valued at about $2,614,000. Independent Advisor Alliance acquired a new stake in The Gabelli Equity Trust during the fourth quarter worth about $1,978,000. Finally, Kera Capital Partners Inc. bought a new position in The Gabelli Equity Trust during the fourth quarter valued at about $569,000. 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.