Gabelli Equity Trust (NYSE:GAB) Shares Pass Below Two Hundred Day Moving Average – Here’s Why

Gabelli Equity Trust Inc. (NYSE:GAB)’s stock price passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $5.74 and traded as low as $5.70. Gabelli Equity Trust shares last traded at $5.7050, with a volume of 747,505 shares changing hands.

Gabelli Equity Trust Price Performance

The stock’s fifty day moving average price is $5.61 and its two-hundred day moving average price is $5.74.

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 dividend of $0.15 per share. The ex-dividend date was Monday, June 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 10.5%.

Institutional Trading of Gabelli Equity Trust

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Northstar Group Inc. purchased a new stake in Gabelli Equity Trust during the 2nd quarter worth about $116,000. Core Wealth Advisors Inc. purchased a new stake in Gabelli Equity Trust during the first quarter worth approximately $206,000. PNC Financial Services Group Inc. acquired a new position in Gabelli Equity Trust in the first quarter valued at approximately $33,000. Kiley Juergens Wealth Management LLC acquired a new position in Gabelli Equity Trust in the first quarter valued at approximately $73,000. Finally, Janney Montgomery Scott LLC increased its stake in Gabelli Equity Trust by 2.1% in the first quarter. Janney Montgomery Scott LLC now owns 159,155 shares of the financial services provider’s stock valued at $891,000 after purchasing an additional 3,255 shares during the last quarter. 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.