Gabelli Equity Trust (NYSE:GAB) Sees Large Volume Increase – Here’s What Happened

Shares of Gabelli Equity Trust Inc. (NYSE:GAB) saw strong trading volume on Friday . 495,145 shares changed hands during trading, a decline of 2% from the previous session’s volume of 505,824 shares.The stock last traded at $6.1750 and had previously closed at $6.18.

Gabelli Equity Trust Trading Up 0.6%

The stock’s 50-day moving average price is $6.06 and its 200 day moving average price is $5.99.

Gabelli Equity Trust Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 12th will be given a dividend of $0.15 per share. The ex-dividend date is Friday, December 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 9.7%.

Institutional Investors Weigh In On Gabelli Equity Trust

Institutional investors have recently bought and sold shares of the business. Kingstone Capital Partners Texas LLC lifted its holdings in Gabelli Equity Trust by 456,629.4% during the 2nd quarter. Kingstone Capital Partners Texas LLC now owns 123,298,660 shares of the financial services provider’s stock valued at $674,594,000 after purchasing an additional 123,271,664 shares during the last quarter. J.W. Cole Advisors Inc. increased its position in Gabelli Equity Trust by 74.7% in the second quarter. J.W. Cole Advisors Inc. now owns 1,258,278 shares of the financial services provider’s stock worth $7,323,000 after purchasing an additional 537,971 shares during the period. Envestnet Asset Management Inc. grew its position in shares of Gabelli Equity Trust by 761.9% during the 2nd quarter. Envestnet Asset Management Inc. now owns 457,149 shares of the financial services provider’s stock worth $2,661,000 after buying an additional 404,110 shares during the period. Guggenheim Capital LLC raised its stake in shares of Gabelli Equity Trust by 38.6% during the second 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 last quarter. Finally, Bank of America Corp DE lifted its holdings in Gabelli Equity Trust by 18.8% in the third quarter. Bank of America Corp DE now owns 631,227 shares of the financial services provider’s stock valued at $3,844,000 after buying an additional 99,912 shares during the period. Institutional investors and hedge funds own 7.24% of the company’s stock.

Gabelli Equity Trust Company Profile

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.