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

Gabelli Equity Trust Inc. (NYSE:GAB – Get Free Report) 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 stock has a 50-day moving average price of $5.60 and a 200 day moving average price of $5.84.

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Gabelli Equity Trust Announces Dividend

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

Institutional Investors Weigh In On Gabelli Equity Trust

A number of hedge funds and other institutional investors have recently modified their holdings of GAB. Kestra Advisory Services LLC lifted its position in shares of 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 purchasing an additional 196,659 shares during the last quarter. Jane Street Group LLC raised its stake in Gabelli Equity Trust by 541.0% in the fourth quarter. Jane Street Group LLC now owns 187,620 shares of the financial services provider’s stock valued at $1,158,000 after buying an additional 158,348 shares in the last quarter. Truist Financial Corp lifted its holdings in Gabelli Equity Trust by 722.6% during the 4th quarter. Truist Financial Corp now owns 172,371 shares of the financial services provider’s stock worth $1,064,000 after buying an additional 151,416 shares during the last quarter. PMG Family Office LLC purchased a new stake in Gabelli Equity Trust during the 3rd quarter worth about $848,000. Finally, Bank of America Corp DE boosted its position in shares of Gabelli Equity Trust by 18.8% during the 3rd quarter. Bank of America Corp DE now owns 631,227 shares of the financial services provider’s stock worth $3,844,000 after acquiring an additional 99,912 shares in the last quarter. 7.24% of the stock is currently owned by institutional investors and hedge funds.

About Gabelli Equity Trust

(Get Free Report)

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.

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