The Gabelli Equity Trust (NYSE:GAB) Sees Large Volume Increase

Shares of The Gabelli Equity Trust Inc. (NYSE:GAB) saw unusually-strong trading volume on Monday . Approximately 616,571 shares were traded during mid-day trading, an increase of 7% from the previous session’s volume of 578,041 shares.The stock last traded at $5.55 and had previously closed at $5.50.

The Gabelli Equity Trust Price Performance

The firm has a 50-day simple moving average of $5.41 and a 200-day simple moving average of $5.40.

The Gabelli Equity Trust Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Monday, September 16th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 10.81%. The ex-dividend date is Monday, September 16th.

Insider Activity at The Gabelli Equity Trust

In other news, insider Mario J. Gabelli purchased 11,750 shares of the stock in a transaction on Wednesday, June 26th. The shares were acquired at an average price of $100.00 per share, with a total value of $1,175,000.00. Following the completion of the acquisition, the insider now directly owns 16,750 shares of the company’s stock, valued at $1,675,000. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On The Gabelli Equity Trust

Several hedge funds have recently modified their holdings of GAB. Cetera Investment Advisers lifted its position in shares of The Gabelli Equity Trust by 7.8% in the second quarter. Cetera Investment Advisers now owns 484,285 shares of the financial services provider’s stock worth $2,518,000 after buying an additional 34,868 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its position in shares of The Gabelli Equity Trust by 23.3% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 63,535 shares of the financial services provider’s stock valued at $330,000 after acquiring an additional 12,015 shares during the last quarter. Arista Wealth Management LLC bought a new position in shares of The Gabelli Equity Trust during the 2nd quarter valued at approximately $245,000. Thrivent Financial for Lutherans grew its holdings in shares of The Gabelli Equity Trust by 50.6% in the second quarter. Thrivent Financial for Lutherans now owns 158,517 shares of the financial services provider’s stock valued at $824,000 after purchasing an additional 53,227 shares in the last quarter. Finally, Evernest Financial Advisors LLC increased its position in The Gabelli Equity Trust by 14.0% in the second quarter. Evernest Financial Advisors LLC now owns 96,735 shares of the financial services provider’s stock worth $503,000 after purchasing an additional 11,873 shares during the last quarter. Hedge funds and other institutional investors own 7.24% of the company’s stock.

The Gabelli Equity Trust Company Profile

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.