Gabelli Equity Trust (NYSE:GAB) Sees Strong Trading Volume – Time to Buy?

Gabelli Equity Trust Inc. (NYSE:GAB) shares saw unusually-strong trading volume on Tuesday . Approximately 1,127,764 shares were traded during trading, an increase of 54% from the previous session’s volume of 732,554 shares.The stock last traded at $6.2150 and had previously closed at $6.17.

Gabelli Equity Trust Stock Down 0.4%

The firm’s 50 day moving average is $6.17 and its 200-day moving average is $6.11.

Gabelli Equity Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th will be given a $0.15 dividend. The ex-dividend date is Tuesday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 9.7%.

Insider Activity

In other Gabelli Equity Trust news, insider Mario J. Gabelli bought 500,000 shares of the company’s stock in a transaction dated Friday, December 26th. The shares were purchased at an average cost of $10.00 per share, for a total transaction of $5,000,000.00. Following the transaction, the insider directly owned 500,000 shares of the company’s stock, valued at approximately $5,000,000. The trade was a ? increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.90% of the stock is currently owned by insiders.

Institutional Trading of Gabelli Equity Trust

Institutional investors and hedge funds have recently modified their holdings of the stock. Commonwealth Retirement Investments LLC purchased a new position in Gabelli Equity Trust in the 4th quarter valued at about $30,000. Flagship Harbor Advisors LLC purchased a new position in shares of Gabelli Equity Trust in the fourth quarter valued at approximately $30,000. Huntington National Bank purchased a new position in shares of Gabelli Equity Trust in the third quarter valued at approximately $30,000. Geneos Wealth Management Inc. boosted its stake in shares of Gabelli Equity Trust by 200.0% in 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 during the last quarter. Finally, Larson Financial Group LLC purchased a new stake in shares of Gabelli Equity Trust during the third quarter worth approximately $34,000. Hedge funds and other institutional investors 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.