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

Shares of Gabelli Equity Trust Inc. (NYSE:GAB) passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $5.60 and traded as high as $5.66. Gabelli Equity Trust shares last traded at $5.5850, with a volume of 791,086 shares trading hands.

Gabelli Equity Trust Stock Performance

The company’s 50-day moving average is $5.60 and its two-hundred day moving average is $5.79.

Gabelli Equity Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Monday, June 15th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.7%. The ex-dividend date of this dividend was Monday, June 15th.

Institutional Trading of Gabelli Equity Trust

Large investors have recently made changes to their positions in the company. Kestra Advisory Services LLC boosted its position in Gabelli Equity Trust by 75.8% during the 4th quarter. Kestra Advisory Services LLC now owns 456,226 shares of the financial services provider’s stock worth $2,815,000 after buying an additional 196,659 shares during the period. Jane Street Group LLC increased its position in 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 period. Truist Financial Corp increased its position in 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 period. Bank of America Corp DE raised its stake in shares of Gabelli Equity Trust by 18.8% during the third 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. Finally, LPL Financial LLC raised its stake in shares of Gabelli Equity Trust by 2.1% during the fourth quarter. LPL Financial LLC now owns 4,462,497 shares of the financial services provider’s stock valued at $27,534,000 after acquiring an additional 93,789 shares during the last quarter. 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.