Insider Buying: Gabelli Equity Trust (NYSE:GAB) Insider Buys $5,000,000.00 in Stock

Gabelli Equity Trust Inc. (NYSE:GAB) insider Mario Gabelli bought 500,000 shares of the firm’s stock in a transaction dated Friday, December 26th. The shares were acquired at an average price of $10.00 per share, for a total transaction of $5,000,000.00. Following the acquisition, the insider directly owned 500,000 shares of the company’s stock, valued at approximately $5,000,000. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is available through the SEC website.

Gabelli Equity Trust Stock Performance

Shares of Gabelli Equity Trust stock traded up $0.03 during trading on Tuesday, reaching $6.16. The company’s stock had a trading volume of 429,675 shares, compared to its average volume of 550,086. The stock has a 50-day moving average price of $6.09 and a two-hundred day moving average price of $6.01. Gabelli Equity Trust Inc. has a one year low of $4.50 and a one year high of $6.32.

Gabelli Equity Trust Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 12th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 9.7%. The ex-dividend date of this dividend was Friday, December 12th.

Institutional Investors Weigh In On Gabelli Equity Trust

Institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. raised its stake in Gabelli Equity Trust by 472.6% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 7,850 shares of the financial services provider’s stock worth $43,000 after buying an additional 6,479 shares during the period. Focus Partners Wealth acquired a new stake in shares of Gabelli Equity Trust during the first quarter worth about $121,000. Belpointe Asset Management LLC bought a new position in shares of Gabelli Equity Trust during the 1st quarter valued at about $74,000. Legacy Wealth Management LLC MS increased its stake in Gabelli Equity Trust by 184.3% during the 2nd quarter. Legacy Wealth Management LLC MS now owns 52,739 shares of the financial services provider’s stock worth $307,000 after purchasing an additional 34,188 shares in the last quarter. Finally, Kingstone Capital Partners Texas LLC raised 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 worth $674,594,000 after buying an additional 123,271,664 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.