Gabelli Equity Trust (NYSE:GAB) Shares Gap Down - Here's What Happened

Key Points

• Gabelli Equity Trust (NYSE: GAB) gapped down, opening at $5.39 after a prior close of $5.60 and last trading around $5.3350 on volume of ~610,328 shares, down about 3.8%.
• The trust paid a $0.15 quarterly dividend (ex-dividend March 17), implying a $0.60 annualized payout and a 11.1% yield.
• Institutional investors own about 7.24% of the shares with several small new stakes reported, and the closed-end fund follows a value-oriented strategy focused on U.S. small- and mid-cap equities.

Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report)'s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $5.60, but opened at $5.39. Gabelli Equity Trust shares last traded at $5.3350, with a volume of 610,328 shares traded.

Gabelli Equity Trust Trading Down 3.8%

The firm's 50-day moving average is $5.97 and its two-hundred day moving average is $6.05.

Gabelli Equity Trust Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 24th. Investors of record on Tuesday, March 17th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 11.1%. The ex-dividend date of this dividend was Tuesday, March 17th.

Hedge Funds Weigh In On Gabelli Equity Trust

Institutional investors have recently bought and sold shares of the stock. Huntington National Bank bought a new stake in shares of Gabelli Equity Trust during the 3rd quarter worth about $30,000. Flagship Harbor Advisors LLC acquired a new stake in Gabelli Equity Trust in the 4th quarter worth approximately $30,000. Commonwealth Retirement Investments LLC acquired a new stake in Gabelli Equity Trust in the 4th quarter worth approximately $30,000. Geneos Wealth Management Inc. boosted its position in Gabelli Equity Trust by 200.0% during the second quarter. Geneos Wealth Management Inc. now owns 5,100 shares of the financial services provider's stock worth $30,000 after purchasing an additional 3,400 shares during the period. Finally, Larson Financial Group LLC bought a new stake in Gabelli Equity Trust during the third quarter worth approximately $34,000. 7.24% of the stock is currently owned by institutional investors.

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.

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