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

Gabelli Equity Trust Inc. (NYSE:GAB)’s stock price crossed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $6.14 and traded as high as $6.16. Gabelli Equity Trust shares last traded at $6.1050, with a volume of 484,348 shares traded.

Gabelli Equity Trust Price Performance

The firm’s 50-day moving average is $6.14 and its 200-day moving average is $6.07.

Gabelli Equity Trust Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 12th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 9.8%. The ex-dividend date was Friday, December 12th.

Insiders Place Their Bets

In related news, insider Mario J. Gabelli purchased 500,000 shares of the business’s stock in a transaction on Friday, December 26th. The stock was acquired at an average price of $10.00 per share, for a total transaction of $5,000,000.00. Following the purchase, the insider owned 500,000 shares of the company’s stock, valued at approximately $5,000,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.90% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Huntington National Bank bought a new stake in Gabelli Equity Trust during the third quarter worth $30,000. Flagship Harbor Advisors LLC bought a new position in Gabelli Equity Trust during the 4th quarter valued at $30,000. Geneos Wealth Management Inc. boosted its holdings in Gabelli Equity Trust by 200.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 5,100 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 3,400 shares during the last quarter. Larson Financial Group LLC bought a new stake in shares of Gabelli Equity Trust in the 3rd quarter worth $34,000. Finally, MorganRosel Wealth Management LLC purchased a new stake in shares of Gabelli Equity Trust in the second quarter valued at about $36,000. Institutional investors own 7.24% of the company’s stock.

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.