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

Key Points

• Gabelli Equity Trust shares fell below their 200-day moving average of $5.74, trading as low as $5.70 before last changing hands at $5.7050.
• The company recently paid a quarterly dividend of $0.15 per share, equivalent to $0.60 annually and a 10.5% yield.
• Institutional investors collectively own 7.24% of the stock, with several firms—including Raymond James, LPL Financial, and Commonwealth Equity Services—recently increasing their positions.

Shares of Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report) crossed 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 company's 50 day simple moving average is $5.61 and its 200 day simple moving average is $5.74.

Gabelli Equity Trust Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Monday, June 15th were issued a $0.15 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.60 dividend on an annualized basis and a yield of 10.5%.

Institutional Investors Weigh In On Gabelli Equity Trust

Several large investors have recently bought and sold shares of the stock. LPL Financial LLC raised its position in Gabelli Equity Trust by 2.1% in the 4th quarter. LPL Financial LLC now owns 4,462,497 shares of the financial services provider's stock valued at $27,534,000 after purchasing an additional 93,789 shares in the last quarter. Commonwealth Equity Services LLC grew its position in shares of Gabelli Equity Trust by 1.9% during the fourth quarter. Commonwealth Equity Services LLC now owns 1,516,560 shares of the financial services provider's stock worth $9,357,000 after buying an additional 28,926 shares in the last quarter. Cetera Investment Advisers grew its position in shares of Gabelli Equity Trust by 1.1% during the fourth quarter. Cetera Investment Advisers now owns 674,300 shares of the financial services provider's stock worth $4,160,000 after buying an additional 7,320 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Gabelli Equity Trust by 1.0% during the fourth quarter. Wells Fargo & Company MN now owns 641,300 shares of the financial services provider's stock worth $3,957,000 after buying an additional 6,175 shares during the period. Finally, Raymond James Financial Inc. increased its stake in shares of Gabelli Equity Trust by 14.6% during the third quarter. Raymond James Financial Inc. now owns 635,163 shares of the financial services provider's stock worth $3,868,000 after buying an additional 80,781 shares during the period. Hedge funds and other institutional investors own 7.24% of the company's stock.

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.

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