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

The Gabelli Equity Trust Inc. (NYSE:GAB) shares saw strong trading volume on Monday . 491,562 shares traded hands during mid-day trading, a decline of 11% from the previous session’s volume of 554,239 shares.The stock last traded at $5.69 and had previously closed at $5.60.

The Gabelli Equity Trust Stock Up 1.3 %

The firm’s 50 day moving average is $5.53 and its 200-day moving average is $5.52.

The Gabelli Equity Trust Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Monday, March 17th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 10.58%. The ex-dividend date of this dividend is Monday, March 17th.

Hedge Funds Weigh In On The Gabelli Equity Trust

Large investors have recently made changes to their positions in the company. Chancellor Financial Group WB LP purchased a new stake in The Gabelli Equity Trust in the 4th quarter worth $99,000. Wealth Enhancement Advisory Services LLC increased its holdings in The Gabelli Equity Trust by 60.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 140,181 shares of the financial services provider’s stock worth $754,000 after acquiring an additional 52,691 shares in the last quarter. Leigh Baldwin & CO. LLC purchased a new stake in The Gabelli Equity Trust in the 4th quarter worth $463,000. Putney Financial Group LLC purchased a new stake in The Gabelli Equity Trust in the 4th quarter worth $100,000. Finally, Kingstone Capital Partners Texas LLC purchased a new stake in The Gabelli Equity Trust in the 4th quarter worth $137,000. 7.24% of the stock is currently owned by institutional investors and hedge funds.

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.