Gabelli Equity Trust (NYSE:GAB) Stock Crosses Above Fifty Day Moving Average – Time to Sell?

Gabelli Equity Trust Inc. (NYSE:GAB) shares crossed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $6.13 and traded as high as $6.13. Gabelli Equity Trust shares last traded at $6.0650, with a volume of 634,641 shares trading hands.

Gabelli Equity Trust Stock Down 1.1%

The stock’s 50 day moving average is $6.13 and its 200-day moving average is $6.06.

Gabelli Equity Trust Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 12th were given a $0.15 dividend. The ex-dividend date of this dividend was Friday, December 12th. This represents a $0.60 annualized dividend and a dividend yield of 9.9%.

Insider Buying and Selling at Gabelli Equity Trust

In other news, insider Mario J. Gabelli purchased 500,000 shares of the company’s stock in a transaction that occurred on Friday, December 26th. The shares were bought 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 directly owned 500,000 shares of the company’s stock, valued at $5,000,000. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.85% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Gabelli Equity Trust

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Flagship Harbor Advisors LLC purchased a new stake in shares of Gabelli Equity Trust in the 4th quarter worth about $30,000. Huntington National Bank bought a new stake in Gabelli Equity Trust during the third quarter worth about $30,000. Geneos Wealth Management Inc. boosted its stake in Gabelli Equity Trust by 200.0% during the second 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 in the last quarter. Larson Financial Group LLC purchased a new stake in Gabelli Equity Trust in the third quarter worth about $34,000. Finally, MorganRosel Wealth Management LLC bought a new position in shares of Gabelli Equity Trust during the second quarter valued at approximately $36,000. 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.