Gabelli Equity Trust (NYSE:GAB) Hits New 52-Week High - Here's What Happened

Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report)'s stock price reached a new 52-week high during trading on Tuesday . The stock traded as high as $6.32 and last traded at $6.2950, with a volume of 198798 shares traded. The stock had previously closed at $6.27.Get Gabelli Equity Trust alerts:Gabelli Equity Trust Trading Up 0.2%The firm has a fifty day simple moving average of $6.14 and a 200-day simple moving average of $6.08. Gabelli Equity Trust Announces DividendThe business also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 12th were issued a $0.15 dividend. The ex-dividend date of this dividend was Friday, December 12th. This represents a $0.60 annualized dividend and a yield of 9.5%. Insider Buying and SellingIn other news, insider Mario J. Gabelli bought 500,000 shares of the firm's stock in a transaction dated Friday, December 26th. The stock was bought at an average price of $10.00 per share, for a total transaction of $5,000,000.00. Following the transaction, the insider owned 500,000 shares in the company, valued at $5,000,000. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.85% of the company's stock. Institutional Trading of Gabelli Equity TrustSeveral hedge funds have recently bought and sold shares of GAB. Flagship Harbor Advisors LLC acquired a new position in shares of Gabelli Equity Trust during the fourth quarter worth approximately $30,000. Huntington National Bank bought a new position in shares of Gabelli Equity Trust in the third quarter worth $30,000. Geneos Wealth Management Inc. increased its holdings in shares of Gabelli Equity Trust by 200.0% during the second quarter. Geneos Wealth Management Inc. now owns 5,100 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 3,400 shares during the period. Larson Financial Group LLC bought a new position in Gabelli Equity Trust in the 3rd quarter valued at about $34,000. Finally, MorganRosel Wealth Management LLC acquired a new position in Gabelli Equity Trust during the 2nd quarter valued at about $36,000. 7.24% of the stock is currently owned by institutional investors. Gabelli Equity Trust Company Profile (Get Free Report)Gabelli Equity Trust, Inc NYSE: GAB is a closed-end management investment company focused on generating long-term capital appreciation through an actively managed portfolio of primarily U.S.-listed equity securities. Incorporated in Delaware, the Trust pursues a value-oriented approach, leveraging intensive fundamental research to identify small- and mid-cap companies with growth potential and favorable valuation metrics. Since its initial public offering in 1977, the Trust has invested across a range of sectors, including consumer staples, financial services, industrials and technology, aiming to construct a high-conviction portfolio of companies expected to outperform over time.Featured ArticlesFive stocks we like better than Gabelli Equity TrustBNZI: Triple-Digit Growth, Zacks Approved!HCTI: Under the Radar and Building an AI Healthcare EmpireThey’ve Built Major Gold Stories Before - And They’re Doing It AgainNvidia CEO Issues Bold Tesla CallHow to collect $500-$800 weekly (BlackRock's system)This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Gabelli Equity Trust Right Now?Before you consider Gabelli Equity Trust, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Gabelli Equity Trust wasn't on the list.While Gabelli Equity Trust currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here