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

Gabelli Equity Trust Inc. (NYSE:GAB) shares saw unusually-strong trading volume on Tuesday . Approximately 1,127,764 shares traded hands during mid-day 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 Performance

The stock has a fifty day moving average price of $6.16 and a 200 day moving average price of $6.10.

Gabelli Equity Trust Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 9.6%. The ex-dividend date is Tuesday, March 17th.

Insider Activity at Gabelli Equity Trust

In other news, insider Mario J. Gabelli acquired 500,000 shares of Gabelli Equity Trust stock in a transaction dated Friday, December 26th. The stock was acquired at an average cost of $10.00 per share, for a total transaction of $5,000,000.00. Following the completion of the purchase, the insider owned 500,000 shares of the company’s stock, 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 this link. 0.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of GAB. Focus Partners Wealth acquired a new position in Gabelli Equity Trust during the 1st quarter worth $121,000. Moloney Securities Asset Management LLC bought a new position in shares of Gabelli Equity Trust in the second quarter worth about $92,000. Envestnet Asset Management Inc. lifted its position 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 purchasing an additional 404,110 shares during the last quarter. IFG Advisory LLC boosted its stake in Gabelli Equity Trust by 11.7% during the 2nd quarter. IFG Advisory LLC now owns 31,486 shares of the financial services provider’s stock valued at $183,000 after purchasing an additional 3,300 shares during the period. Finally, Midwest Trust Co acquired a new stake in Gabelli Equity Trust in the 2nd quarter valued at approximately $307,000. 7.24% of the stock is currently owned by institutional investors and hedge funds.

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.