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

Gabelli Equity Trust Inc. (NYSE:GAB)’s stock price passed below its two hundred day moving average during trading on Friday . The stock has a two hundred 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.

Gabelli Equity Trust Trading Down 0.3%

The company’s 50-day moving average price is $5.59 and its two-hundred day moving average price is $5.83.

Gabelli Equity Trust Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Monday, June 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 10.6%. The ex-dividend date of this dividend was Monday, June 15th.

Institutional Investors Weigh In On Gabelli Equity Trust

Several hedge funds have recently added to or reduced their stakes in GAB. Core Wealth Advisors Inc. bought a new position in shares of Gabelli Equity Trust during the 1st quarter valued at about $206,000. PNC Financial Services Group Inc. bought a new stake in Gabelli Equity Trust in the 1st quarter worth approximately $33,000. Kiley Juergens Wealth Management LLC purchased a new stake in Gabelli Equity Trust in the first quarter worth approximately $73,000. Northstar Group Inc. purchased a new stake in Gabelli Equity Trust in the first quarter worth approximately $115,000. Finally, Janney Montgomery Scott LLC grew its position in 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 acquiring an additional 3,255 shares during the last quarter. 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.