Gabelli Equity Trust (NYSE:GAB) Share Price Passes Above 50-Day Moving Average – What’s Next?

Gabelli Equity Trust Inc. (NYSE:GAB) shares passed 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 trading hands.

Gabelli Equity Trust Trading Up 2.2%

The company’s fifty day moving average price is $6.14 and its two-hundred day moving average price is $6.07.

Gabelli Equity Trust Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend 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 company’s stock in a transaction dated Friday, December 26th. The stock was acquired at an average cost of $10.00 per share, for a total transaction of $5,000,000.00. Following the acquisition, the insider directly owned 500,000 shares in the company, valued at approximately $5,000,000. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 0.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Gabelli Equity Trust

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Focus Partners Wealth acquired a new position in shares of Gabelli Equity Trust in the 1st quarter valued at about $121,000. Janney Montgomery Scott LLC increased its position in Gabelli Equity Trust by 6.9% during the 2nd quarter. Janney Montgomery Scott LLC now owns 147,684 shares of the financial services provider’s stock worth $860,000 after purchasing an additional 9,474 shares in the last quarter. Kingswood Wealth Advisors LLC raised its holdings in Gabelli Equity Trust by 4.9% in the second quarter. Kingswood Wealth Advisors LLC now owns 64,836 shares of the financial services provider’s stock valued at $377,000 after buying an additional 3,000 shares during the period. Valley Brook Capital Group Inc. raised its holdings in Gabelli Equity Trust by 2.7% in the second quarter. Valley Brook Capital Group Inc. now owns 115,836 shares of the financial services provider’s stock valued at $674,000 after buying an additional 3,000 shares during the period. Finally, Triton Wealth Management PLLC acquired a new position in Gabelli Equity Trust during the second quarter valued at approximately $66,000. 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.