Gabelli Equity Trust (NYSE:GAB) Stock Price Passes Above Fifty Day Moving Average – Here’s Why

Gabelli Equity Trust Inc. (NYSE:GAB)’s stock price passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $5.60 and traded as high as $5.66. Gabelli Equity Trust shares last traded at $5.5850, with a volume of 791,086 shares trading hands.

Gabelli Equity Trust Price Performance

The stock has a 50 day moving average of $5.60 and a two-hundred day moving average of $5.78.

Gabelli Equity Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Stockholders of record on Monday, June 15th were issued 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 10.7%.

Hedge Funds Weigh In On Gabelli Equity Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Focus Partners Wealth acquired a new stake in shares of Gabelli Equity Trust in the first quarter worth $121,000. Baird Financial Group Inc. increased its holdings in shares of Gabelli Equity Trust by 6.5% in the 2nd quarter. Baird Financial Group Inc. now owns 32,548 shares of the financial services provider’s stock valued at $189,000 after purchasing an additional 2,000 shares during the period. StoneX Group Inc. purchased a new stake in shares of Gabelli Equity Trust in the second quarter worth approximately $79,000. Cerity Partners LLC boosted its holdings in shares of Gabelli Equity Trust by 29.1% during the second quarter. Cerity Partners LLC now owns 306,890 shares of the financial services provider’s stock worth $1,786,000 after purchasing an additional 69,237 shares during the period. Finally, Raymond James Financial Inc. boosted its holdings in shares of Gabelli Equity Trust by 8.1% during the second quarter. Raymond James Financial Inc. now owns 554,382 shares of the financial services provider’s stock worth $3,227,000 after purchasing an additional 41,437 shares during the period. 7.24% of the stock is currently 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.