Gabelli Equity Trust (NYSE:GAB) Shares Gap Down – Time to Sell?

Gabelli Equity Trust Inc. (NYSE:GAB)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $5.60, but opened at $5.39. Gabelli Equity Trust shares last traded at $5.3350, with a volume of 610,328 shares.

Gabelli Equity Trust Stock Performance

The company’s fifty day moving average is $5.97 and its 200-day moving average is $6.05.

Gabelli Equity Trust Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 11.1%. The ex-dividend date was Tuesday, March 17th.

Hedge Funds Weigh In On Gabelli Equity Trust

Large investors have recently made changes to their positions in the business. Guggenheim Capital LLC increased its position in Gabelli Equity Trust by 38.6% in the 2nd quarter. Guggenheim Capital LLC now owns 358,969 shares of the financial services provider’s stock worth $2,089,000 after buying an additional 99,982 shares during the period. PMG Family Office LLC acquired a new position in Gabelli Equity Trust during the 3rd quarter valued at $848,000. Smith Moore & CO. boosted its holdings in Gabelli Equity Trust by 45.0% in the 2nd quarter. Smith Moore & CO. now owns 17,104 shares of the financial services provider’s stock valued at $100,000 after purchasing an additional 5,308 shares during the period. New England Private Wealth Advisors LLC bought a new position in Gabelli Equity Trust during the third quarter valued at about $70,000. Finally, Huntington National Bank acquired a new position in Gabelli Equity Trust in the 3rd quarter valued at approximately $30,000. Institutional investors and hedge funds 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.