Gabelli Equity Trust (NYSE:GAB) Shares Cross Below 200-Day Moving Average – Here’s Why

Gabelli Equity Trust Inc. (NYSE:GAB)’s share price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $5.83 and traded as low as $5.64. Gabelli Equity Trust shares last traded at $5.6550, with a volume of 789,359 shares traded.

Gabelli Equity Trust Stock Performance

The firm’s 50-day simple moving average is $5.59 and its 200-day simple moving average is $5.83.

Gabelli Equity Trust Announces Dividend

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

Institutional Trading of Gabelli Equity Trust

Several hedge funds and other institutional investors have recently bought and sold shares of GAB. LPL Financial LLC grew its holdings in shares of Gabelli Equity Trust by 2.1% in the fourth quarter. LPL Financial LLC now owns 4,462,497 shares of the financial services provider’s stock worth $27,534,000 after purchasing an additional 93,789 shares during the last quarter. Commonwealth Equity Services LLC raised its holdings in Gabelli Equity Trust by 1.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 1,516,560 shares of the financial services provider’s stock valued at $9,357,000 after buying an additional 28,926 shares during the last quarter. Cetera Investment Advisers raised its holdings in Gabelli Equity Trust by 1.1% during the 4th quarter. Cetera Investment Advisers now owns 674,300 shares of the financial services provider’s stock valued at $4,160,000 after buying an additional 7,320 shares during the last quarter. Wells Fargo & Company MN boosted its position in Gabelli Equity Trust by 1.0% during the 4th quarter. Wells Fargo & Company MN now owns 641,300 shares of the financial services provider’s stock valued at $3,957,000 after buying an additional 6,175 shares during the period. Finally, Raymond James Financial Inc. boosted its position in Gabelli Equity Trust by 14.6% during the 3rd quarter. Raymond James Financial Inc. now owns 635,163 shares of the financial services provider’s stock valued at $3,868,000 after buying an additional 80,781 shares during the period. 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.