Gabelli Equity Trust (NYSE:GAB) Stock Price Crosses Below 50 Day Moving Average – Should You Sell?

Gabelli Equity Trust Inc. (NYSE:GAB) shares passed below its 50-day moving average during trading on Tuesday . The stock has a 50-day moving average of $6.10 and traded as low as $6.08. Gabelli Equity Trust shares last traded at $6.1550, with a volume of 581,374 shares trading hands.

Gabelli Equity Trust Price Performance

The firm has a 50-day moving average of $6.10 and a 200 day moving average of $6.03.

Gabelli Equity Trust Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 12th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 9.7%. The ex-dividend date was Friday, December 12th.

Insider Transactions at Gabelli Equity Trust

In other Gabelli Equity Trust news, insider Mario J. Gabelli purchased 500,000 shares of the company’s stock in a transaction that occurred on Friday, December 26th. The stock was purchased at an average price of $10.00 per share, with a total value of $5,000,000.00. Following the completion of the transaction, the insider directly owned 500,000 shares of the company’s stock, valued at approximately $5,000,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.85% of the stock is owned by company insiders.

Hedge Funds Weigh In On Gabelli Equity Trust

A number of hedge funds have recently modified their holdings of GAB. JPMorgan Chase & Co. boosted its stake in Gabelli Equity Trust by 86.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 8,400 shares of the financial services provider’s stock valued at $51,000 after buying an additional 3,900 shares in the last quarter. PMG Family Office LLC acquired a new position in Gabelli Equity Trust during the third quarter worth $848,000. Mercer Global Advisors Inc. ADV lifted its holdings in shares of Gabelli Equity Trust by 43.8% during the third quarter. Mercer Global Advisors Inc. ADV now owns 93,234 shares of the financial services provider’s stock valued at $568,000 after acquiring an additional 28,412 shares during the period. Larson Financial Group LLC acquired a new stake in shares of Gabelli Equity Trust in the 3rd quarter valued at $34,000. Finally, Hilltop Holdings Inc. boosted its stake in shares of Gabelli Equity Trust by 9.6% in the 3rd quarter. Hilltop Holdings Inc. now owns 19,756 shares of the financial services provider’s stock valued at $120,000 after purchasing an additional 1,724 shares in the last quarter. 7.24% of the stock is owned by institutional investors and hedge funds.

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.