The Gabelli Equity Trust (NYSE:GAB) Share Price Crosses Above 50 Day Moving Average of $5.51

The Gabelli Equity Trust Inc. (NYSE:GABGet Rating)’s stock price passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $5.51 and traded as high as $5.95. The Gabelli Equity Trust shares last traded at $5.92, with a volume of 293,025 shares changing hands.

The Gabelli Equity Trust Price Performance

The firm’s fifty day moving average price is $5.51 and its 200 day moving average price is $6.04.

The Gabelli Equity Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 16th. Investors of record on Friday, December 9th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, December 8th. This represents a $0.60 annualized dividend and a dividend yield of 10.14%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. grew its position in The Gabelli Equity Trust by 145.7% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 46,622 shares of the financial services provider’s stock worth $257,000 after purchasing an additional 27,644 shares during the last quarter. Glenmede Trust Co. NA purchased a new stake in The Gabelli Equity Trust during the 3rd quarter worth approximately $60,000. Jane Street Group LLC purchased a new stake in The Gabelli Equity Trust during the 3rd quarter worth approximately $72,000. TCG Advisory Services LLC purchased a new stake in The Gabelli Equity Trust during the 3rd quarter worth approximately $57,000. Finally, Laidlaw Wealth Management LLC grew its position in The Gabelli Equity Trust by 12.3% during the 3rd quarter. Laidlaw Wealth Management LLC now owns 74,141 shares of the financial services provider’s stock worth $408,000 after purchasing an additional 8,100 shares during the last quarter. Institutional investors own 7.46% of the company’s stock.

About The Gabelli Equity Trust

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The Gabelli Equity Trust Inc is a closed ended equity mutual fund launched by GAMCO Investors, Inc The fund is managed by Gabelli Funds, LLC. It invests in public equity markets of the United States. The fund seeks to invest in stocks of companies operating across diversified sectors. It invests in preferred stock, convertible or exchangeable securities, and warrants and rights.

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