Gabelli Equity Trust (NYSE:GAB) Shares Pass Above 50-Day Moving Average – Here’s Why

Gabelli Equity Trust Inc. (NYSE:GAB) passed above its fifty day moving average during trading on Thursday . The stock has a fifty day moving average of $5.60 and traded as high as $5.65. Gabelli Equity Trust shares last traded at $5.6350, with a volume of 1,474,153 shares trading hands.

Gabelli Equity Trust Stock Performance

The business has a 50-day moving average price of $5.60 and a two-hundred day moving average price of $5.84.

Gabelli Equity Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Shareholders of record on Monday, June 15th were given a dividend of $0.15 per share. The ex-dividend date was Monday, June 15th. This represents a $0.60 dividend on an annualized basis and a yield of 10.6%.

Institutional Investors Weigh In On Gabelli Equity Trust

Several institutional investors have recently modified their holdings of the business. Commonwealth Retirement Investments LLC bought a new stake in shares of Gabelli Equity Trust during the fourth quarter worth approximately $30,000. Flagship Harbor Advisors LLC bought a new position in Gabelli Equity Trust in the fourth quarter valued at approximately $30,000. Huntington National Bank bought a new position in Gabelli Equity Trust in the third quarter valued at approximately $30,000. Geneos Wealth Management Inc. grew its holdings in Gabelli Equity Trust by 200.0% during the 2nd 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 during the period. Finally, Larson Financial Group LLC acquired a new stake in Gabelli Equity Trust during the 3rd quarter worth $34,000. Institutional investors and hedge funds own 7.24% of the company’s stock.

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.