Gabelli Equity Trust (NYSE:GAB) Share Price Crosses Below Fifty Day Moving Average – Here’s Why

Gabelli Equity Trust Inc. (NYSE:GAB) shares passed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $6.10 and traded as low as $6.08. Gabelli Equity Trust shares last traded at $6.1550, with a volume of 581,374 shares traded.

Gabelli Equity Trust Trading Up 1.1%

The stock’s fifty day simple moving average is $6.10 and its 200-day simple moving average is $6.03.

Gabelli Equity Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 19th. Shareholders 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 dividend on an annualized basis and a yield of 9.7%.

Insider Buying and Selling

In other Gabelli Equity Trust news, insider Mario J. Gabelli purchased 500,000 shares of the business’s stock in a transaction dated Friday, December 26th. The stock was bought at an average cost of $10.00 per share, for a total transaction of $5,000,000.00. Following the completion of the acquisition, the insider directly owned 500,000 shares in the company, valued at $5,000,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.85% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Gabelli Equity Trust

Several large investors have recently bought and sold shares of the stock. Kingstone Capital Partners Texas LLC grew its position in Gabelli Equity Trust by 456,629.4% in the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 123,298,660 shares of the financial services provider’s stock worth $674,594,000 after purchasing an additional 123,271,664 shares during the last quarter. J.W. Cole Advisors Inc. grew its position in Gabelli Equity Trust by 1.8% during the third quarter. J.W. Cole Advisors Inc. now owns 1,280,478 shares of the financial services provider’s stock worth $7,798,000 after buying an additional 22,200 shares in the last quarter. Raymond James Financial Inc. increased its stake in Gabelli Equity Trust by 14.6% during the third quarter. Raymond James Financial Inc. now owns 635,163 shares of the financial services provider’s stock valued at $3,868,000 after acquiring an additional 80,781 shares during the period. Bank of America Corp DE raised its holdings in Gabelli Equity Trust by 18.8% in the 3rd quarter. Bank of America Corp DE now owns 631,227 shares of the financial services provider’s stock valued at $3,844,000 after acquiring an additional 99,912 shares in the last quarter. Finally, Cetera Investment Advisers lifted its position in shares of Gabelli Equity Trust by 4.8% in the 2nd quarter. Cetera Investment Advisers now owns 601,262 shares of the financial services provider’s stock worth $3,499,000 after acquiring an additional 27,661 shares during the period. 7.24% of the stock is currently owned by institutional investors and hedge funds.

About Gabelli Equity Trust

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.