Gabelli Equity Trust (NYSE:GAB) Stock Passes Above 50-Day Moving Average – Here’s Why

Gabelli Equity Trust Inc. (NYSE:GAB) shares crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $6.05 and traded as high as $6.06. Gabelli Equity Trust shares last traded at $6.0150, with a volume of 498,650 shares trading hands.

Gabelli Equity Trust Stock Down 0.1%

The stock’s fifty day moving average price is $6.05 and its 200 day moving average price is $5.99.

Gabelli Equity Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 12th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 10.0%. The ex-dividend date is Friday, December 12th.

Institutional Trading of Gabelli Equity Trust

Large investors have recently modified their holdings of the company. Huntington National Bank purchased a new position in Gabelli Equity Trust during the 3rd quarter worth $30,000. Geneos Wealth Management Inc. lifted its holdings in shares of Gabelli Equity Trust by 200.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 5,100 shares of the financial services provider’s stock worth $30,000 after buying an additional 3,400 shares during the period. Larson Financial Group LLC bought a new position in shares of Gabelli Equity Trust during the 3rd quarter worth $34,000. MorganRosel Wealth Management LLC purchased a new position in shares of Gabelli Equity Trust during the second quarter valued at $36,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Gabelli Equity Trust by 472.6% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 7,850 shares of the financial services provider’s stock valued at $43,000 after buying an additional 6,479 shares during the period. Hedge funds and other institutional investors own 7.24% of the company’s stock.

About 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.