Gabelli Equity Trust (NYSE:GAB) Shares Gap Down – Time to Sell?

Gabelli Equity Trust Inc. (NYSE:GAB) gapped down before the market opened on Tuesday . The stock had previously closed at $5.68, but opened at $5.53. Gabelli Equity Trust shares last traded at $5.5550, with a volume of 339,101 shares trading hands.

Gabelli Equity Trust Price Performance

The business has a 50-day simple moving average of $6.10 and a two-hundred day simple moving average of $6.10.

Gabelli Equity Trust Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Tuesday, March 17th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 10.8%. The ex-dividend date is Tuesday, March 17th.

Insider Transactions at Gabelli Equity Trust

In related news, insider Mario J. Gabelli bought 500,000 shares of the firm’s stock in a transaction on Friday, December 26th. The stock was purchased at an average price of $10.00 per share, with a total value of $5,000,000.00. Following the completion of the transaction, the insider directly owned 500,000 shares of the company’s stock, valued at $5,000,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.85% of the stock is owned by insiders.

Institutional Trading of Gabelli Equity Trust

Institutional investors and hedge funds have recently modified their holdings of the company. Envestnet Asset Management Inc. grew its stake in Gabelli Equity Trust by 761.9% in the 2nd quarter. Envestnet Asset Management Inc. now owns 457,149 shares of the financial services provider’s stock valued at $2,661,000 after buying an additional 404,110 shares during the last quarter. Allworth Financial LP lifted its position in Gabelli Equity Trust by 620.3% during the 2nd quarter. Allworth Financial LP now owns 38,908 shares of the financial services provider’s stock worth $226,000 after acquiring an additional 33,506 shares during the last quarter. Steward Partners Investment Advisory LLC boosted its holdings in Gabelli Equity Trust by 27.4% during the second quarter. Steward Partners Investment Advisory LLC now owns 318,939 shares of the financial services provider’s stock valued at $1,856,000 after acquiring an additional 68,549 shares during the period. J.W. Cole Advisors Inc. grew its position in shares of Gabelli Equity Trust by 74.7% in the second quarter. J.W. Cole Advisors Inc. now owns 1,258,278 shares of the financial services provider’s stock valued at $7,323,000 after purchasing an additional 537,971 shares during the last quarter. Finally, Guggenheim Capital LLC grew its position in shares of Gabelli Equity Trust by 38.6% in the second quarter. Guggenheim Capital LLC now owns 358,969 shares of the financial services provider’s stock valued at $2,089,000 after purchasing an additional 99,982 shares during the last quarter. 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.