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

Gabelli Equity Trust Inc. (NYSE:GAB) shares crossed above its 50-day moving average during trading on Thursday . The stock has a 50-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 Stock Performance

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

Gabelli Equity Trust Dividend Announcement

The business 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. This represents a $0.60 annualized dividend and a yield of 9.6%. The ex-dividend date was Friday, December 12th.

Insider Activity

In other news, insider Mario J. Gabelli acquired 500,000 shares of the business’s stock in a transaction that occurred on Friday, December 26th. The stock was purchased at an average cost of $10.00 per share, for a total transaction of $5,000,000.00. Following the completion of the transaction, the insider owned 500,000 shares in the company, valued at approximately $5,000,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.90% of the company’s stock.

Institutional Investors Weigh In On Gabelli Equity Trust

A number of institutional investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. increased its stake in Gabelli Equity Trust by 761.9% during the second quarter. Envestnet Asset Management Inc. now owns 457,149 shares of the financial services provider’s stock worth $2,661,000 after purchasing an additional 404,110 shares during the period. Allworth Financial LP grew its holdings 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 in the last quarter. Midwest Trust Co acquired a new position in shares of Gabelli Equity Trust during the second quarter worth $307,000. Steward Partners Investment Advisory LLC boosted its position in shares of Gabelli Equity Trust by 27.4% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 318,939 shares of the financial services provider’s stock worth $1,856,000 after acquiring an additional 68,549 shares in the last quarter. Finally, Thompson Davis & CO. Inc. acquired a new position in Gabelli Equity Trust in the second quarter valued at approximately $76,000. 7.24% of the stock is currently owned by institutional investors and hedge funds.

Gabelli Equity Trust Company Profile

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.