Gabelli Equity Trust (NYSE:GAB) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Gabelli Equity Trust Inc. (NYSE:GAB) saw unusually-high trading volume on Wednesday . Approximately 1,613,088 shares were traded during mid-day trading, an increase of 52% from the previous session’s volume of 1,062,227 shares.The stock last traded at $5.5450 and had previously closed at $5.63.

Gabelli Equity Trust Stock Down 1.3%

The business has a 50 day moving average of $5.73 and a two-hundred day moving average of $5.98.

Gabelli Equity Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Investors of record on Tuesday, March 17th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 10.8%. The ex-dividend date of this dividend was Tuesday, March 17th.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GAB. Kiley Juergens Wealth Management LLC purchased a new position in shares of Gabelli Equity Trust in the 1st quarter worth about $73,000. Northstar Group Inc. purchased a new position in shares of Gabelli Equity Trust during the first quarter valued at approximately $115,000. Janney Montgomery Scott LLC increased its stake in shares of Gabelli Equity Trust by 2.1% during the first quarter. Janney Montgomery Scott LLC now owns 159,155 shares of the financial services provider’s stock valued at $891,000 after buying an additional 3,255 shares during the period. Silver Oak Securities Incorporated raised its holdings in shares of Gabelli Equity Trust by 16.5% during the first quarter. Silver Oak Securities Incorporated now owns 19,808 shares of the financial services provider’s stock valued at $111,000 after acquiring an additional 2,801 shares in the last quarter. Finally, World Investment Advisors purchased a new stake in Gabelli Equity Trust in the fourth quarter worth $511,000. 7.24% of the stock is currently owned by hedge funds and other institutional investors.

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.