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

Gabelli Equity Trust Inc. (NYSE:GAB)’s stock price 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 company has a 50 day moving average of $5.59 and a 200-day moving average of $5.91.

Gabelli Equity Trust Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 23rd. Investors of record on Monday, June 15th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.60 annualized dividend and a yield of 10.7%.

Institutional Investors Weigh In On Gabelli Equity Trust

Several large investors have recently added to or reduced their stakes in GAB. Focus Partners Wealth purchased a new stake in Gabelli Equity Trust during the first quarter valued at about $121,000. Baird Financial Group Inc. raised its position in Gabelli Equity Trust by 6.5% during the second quarter. Baird Financial Group Inc. now owns 32,548 shares of the financial services provider’s stock valued at $189,000 after purchasing an additional 2,000 shares in the last quarter. StoneX Group Inc. purchased a new stake in Gabelli Equity Trust during the second quarter valued at about $79,000. Cerity Partners LLC raised its position in Gabelli Equity Trust by 29.1% during the second quarter. Cerity Partners LLC now owns 306,890 shares of the financial services provider’s stock valued at $1,786,000 after purchasing an additional 69,237 shares in the last quarter. Finally, Raymond James Financial Inc. raised its position in Gabelli Equity Trust by 8.1% during the second quarter. Raymond James Financial Inc. now owns 554,382 shares of the financial services provider’s stock valued at $3,227,000 after purchasing an additional 41,437 shares in the last quarter. 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.