Gabelli Equity Trust (NYSE:GAB) Shares Cross Below 200-Day Moving Average – Time to Sell?
by Michael Walen · The Markets DailyShares of Gabelli Equity Trust Inc. (NYSE:GAB – Get Free Report) passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $6.11 and traded as low as $5.93. Gabelli Equity Trust shares last traded at $5.99, with a volume of 1,135,286 shares trading hands.
Gabelli Equity Trust Stock Down 1.8%
The firm’s 50 day simple moving average is $6.16 and its two-hundred day simple moving average is $6.11.
Gabelli Equity Trust Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Tuesday, March 17th will be given a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.60 dividend on an annualized basis and a yield of 10.1%.
Insiders Place Their Bets
In related news, insider Mario J. Gabelli acquired 500,000 shares of the company’s stock in a transaction on Friday, December 26th. The stock was purchased at an average cost of $10.00 per share, with a total value of $5,000,000.00. Following the acquisition, the insider directly owned 500,000 shares of the company’s stock, valued at approximately $5,000,000. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.90% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Gabelli Equity Trust
Several institutional investors and hedge funds have recently bought and sold shares of the company. LPL Financial LLC increased its holdings 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 buying an additional 93,789 shares during the period. Commonwealth Equity Services LLC boosted its position in shares of Gabelli Equity Trust by 1.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 1,516,560 shares of the financial services provider’s stock worth $9,357,000 after acquiring an additional 28,926 shares in the last quarter. J.W. Cole Advisors Inc. increased its stake in Gabelli Equity Trust by 1.8% in the third quarter. J.W. Cole Advisors Inc. now owns 1,280,478 shares of the financial services provider’s stock valued at $7,798,000 after acquiring an additional 22,200 shares during the last quarter. Cetera Investment Advisers increased its stake in Gabelli Equity Trust by 1.1% in the fourth quarter. Cetera Investment Advisers now owns 674,300 shares of the financial services provider’s stock valued at $4,160,000 after acquiring an additional 7,320 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in 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 valued at $3,957,000 after purchasing an additional 6,175 shares in the last quarter. 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.