Gabelli Equity Trust (NYSE:GAB) Shares Pass Below Two Hundred Day Moving Average – Time to Sell?

Shares of Gabelli Equity Trust Inc. (NYSE:GAB) crossed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $5.93 and traded as low as $5.55. Gabelli Equity Trust shares last traded at $5.5750, with a volume of 1,057,052 shares trading hands.

Gabelli Equity Trust Stock Performance

The stock’s 50 day simple moving average is $5.58 and its 200 day simple moving average is $5.93.

Gabelli Equity Trust Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 23rd. Shareholders of record on Monday, June 15th will be paid 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 is Monday, June 15th.

Hedge Funds Weigh In On Gabelli Equity Trust

A number of hedge funds have recently bought and sold shares of the company. Core Wealth Advisors Inc. purchased a new position in Gabelli Equity Trust during the 1st quarter worth $206,000. PNC Financial Services Group Inc. purchased a new position in Gabelli Equity Trust during the 1st quarter worth $33,000. Kiley Juergens Wealth Management LLC purchased a new position in Gabelli Equity Trust during the 1st quarter worth $73,000. Northstar Group Inc. purchased a new position in Gabelli Equity Trust during the 1st quarter worth $115,000. Finally, Janney Montgomery Scott LLC boosted its holdings in Gabelli Equity Trust by 2.1% during the 1st quarter. Janney Montgomery Scott LLC now owns 159,155 shares of the financial services provider’s stock worth $891,000 after acquiring an additional 3,255 shares during the last quarter. 7.24% of the stock is owned by hedge funds and other 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.