Gabelli Equity Trust (NYSE:GAB) Sees Strong Trading Volume - What's Next?

Key Points

• Shares of Gabelli Equity Trust (GAB) experienced a mid-day surge to 1,613,088 shares traded, a 52% increase from the prior session, with the last trade at $5.5450 (previous close $5.63).
• The company paid a quarterly dividend of $0.15 per share on March 24 (record March 17), equal to an annualized $0.60 and a 10.8% yield.
• The stock is trading below its 50-day ($5.73) and 200-day ($5.98) moving averages and has modest institutional ownership (~7.24%), though several small institutions recently initiated or added to positions.

Shares of Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report) saw an uptick in trading volume on Wednesday . 1,613,088 shares were traded during mid-day trading, an increase of 52% from the previous session's volume of 1,062,227 shares.The stock last traded at $5.5450 and had previously closed at $5.63.

Gabelli Equity Trust Price Performance

The stock's 50-day moving average price is $5.73 and its 200 day moving average price is $5.98.

Gabelli Equity Trust Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 10.8%. The ex-dividend date was Tuesday, March 17th.

Hedge Funds Weigh In On Gabelli Equity Trust

A number of institutional investors have recently made changes to their positions in GAB. Huntington National Bank acquired a new stake in Gabelli Equity Trust in the 3rd quarter valued at approximately $30,000. Flagship Harbor Advisors LLC bought a new stake in shares of Gabelli Equity Trust in the fourth quarter valued at approximately $30,000. Commonwealth Retirement Investments LLC bought a new position in Gabelli Equity Trust during the fourth quarter worth $30,000. Geneos Wealth Management Inc. boosted its position in shares of Gabelli Equity Trust by 200.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 5,100 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 3,400 shares in the last quarter. Finally, Larson Financial Group LLC bought a new position in Gabelli Equity Trust in the 3rd quarter worth approximately $34,000. 7.24% of the stock is currently owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.