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

Gabelli Equity Trust Inc. (NYSE:GAB) crossed above its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $5.59 and traded as high as $5.65. Gabelli Equity Trust shares last traded at $5.6050, with a volume of 771,051 shares trading hands.

Gabelli Equity Trust Stock Performance

The stock has a 50-day simple moving average of $5.59 and a two-hundred day simple moving average of $5.91.

Gabelli Equity Trust Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Monday, June 15th will be given a dividend of $0.15 per share. The ex-dividend date is Monday, June 15th. This represents a $0.60 dividend on an annualized basis and a yield of 10.7%.

Institutional Investors Weigh In On Gabelli Equity Trust

Large investors have recently added to or reduced their stakes in the company. Kestra Advisory Services LLC lifted its stake in shares of Gabelli Equity Trust by 75.8% in the 4th quarter. Kestra Advisory Services LLC now owns 456,226 shares of the financial services provider’s stock valued at $2,815,000 after acquiring an additional 196,659 shares during the last quarter. Jane Street Group LLC lifted its stake in shares of Gabelli Equity Trust by 541.0% in the 4th quarter. Jane Street Group LLC now owns 187,620 shares of the financial services provider’s stock valued at $1,158,000 after acquiring an additional 158,348 shares during the last quarter. Truist Financial Corp lifted its stake in shares of Gabelli Equity Trust by 722.6% in the 4th quarter. Truist Financial Corp now owns 172,371 shares of the financial services provider’s stock valued at $1,064,000 after acquiring an additional 151,416 shares during the last quarter. PMG Family Office LLC bought a new stake in shares of Gabelli Equity Trust in the 3rd quarter valued at about $848,000. Finally, Bank of America Corp DE lifted its stake in shares of 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 during the last quarter. Hedge funds and other 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.