Gabelli Equity Trust (NYSE:GAB) Sees Strong Trading Volume – Still a Buy?

Gabelli Equity Trust Inc. (NYSE:GAB) shares saw strong trading volume on Wednesday . 1,555,654 shares were traded during trading, an increase of 179% from the previous session’s volume of 558,488 shares.The stock last traded at $6.2350 and had previously closed at $6.36.

Gabelli Equity Trust Trading Down 1.8%

The company’s 50 day moving average price is $6.16 and its 200 day moving average price is $6.09.

Gabelli Equity Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 24th. Stockholders of record on Tuesday, March 17th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 9.6%.

Insider Activity at Gabelli Equity Trust

In other Gabelli Equity Trust news, insider Mario J. Gabelli purchased 500,000 shares of the business’s stock in a transaction that occurred on Friday, December 26th. The shares were bought at an average price of $10.00 per share, for a total transaction of $5,000,000.00. Following the acquisition, the insider owned 500,000 shares in the company, valued at $5,000,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.90% of the stock is owned by company insiders.

Institutional Trading of Gabelli Equity Trust

Several large investors have recently made changes to their positions in GAB. J.W. Cole Advisors Inc. raised its holdings in Gabelli Equity Trust by 74.7% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 1,258,278 shares of the financial services provider’s stock worth $7,323,000 after purchasing an additional 537,971 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Gabelli Equity Trust by 761.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 457,149 shares of the financial services provider’s stock worth $2,661,000 after buying an additional 404,110 shares during the period. 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 valued at $2,815,000 after buying an additional 196,659 shares in the last quarter. Jane Street Group LLC grew its stake in Gabelli Equity Trust by 541.0% in the 4th quarter. Jane Street Group LLC now owns 187,620 shares of the financial services provider’s stock valued at $1,158,000 after acquiring an additional 158,348 shares during the period. Finally, Truist Financial Corp increased its holdings in Gabelli Equity Trust by 722.6% in the 4th quarter. Truist Financial Corp now owns 172,371 shares of the financial services provider’s stock worth $1,064,000 after acquiring an additional 151,416 shares in the last quarter. 7.24% of the stock is owned by hedge funds and other institutional investors.

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.