The Gabelli Equity Trust (NYSE:GAB) Sees Strong Trading Volume

The Gabelli Equity Trust Inc. (NYSE:GAB) saw unusually-strong trading volume on Monday . Approximately 616,571 shares were traded during 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 Trading Up 0.9 %

The firm’s 50-day moving average price is $5.41 and its 200-day moving average price is $5.40.

The Gabelli Equity Trust Dividend Announcement

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 of this dividend is Monday, September 16th.

Insider Activity

In other news, insider Mario J. Gabelli bought 11,750 shares of The Gabelli Equity Trust stock in a transaction dated 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 purchase, the insider now owns 16,750 shares in the company, valued at approximately $1,675,000. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Commonwealth Equity Services LLC increased its stake in The Gabelli Equity Trust by 22.4% in the first quarter. Commonwealth Equity Services LLC now owns 2,573,366 shares of the financial services provider’s stock worth $14,205,000 after purchasing an additional 470,699 shares during the period. Cetera Investment Advisers increased its stake in shares of The Gabelli Equity Trust by 1,196.4% during the first quarter. Cetera Investment Advisers now owns 449,417 shares of the financial services provider’s stock valued at $2,481,000 after buying an additional 414,751 shares during the period. International Assets Investment Management LLC raised its holdings in shares of The Gabelli Equity Trust by 244.9% in the second quarter. International Assets Investment Management LLC now owns 406,176 shares of the financial services provider’s stock valued at $2,112,000 after acquiring an additional 288,400 shares in the last quarter. Advisors Asset Management Inc. purchased a new stake in The Gabelli Equity Trust in the first quarter worth about $716,000. Finally, Choreo LLC bought a new position in The Gabelli Equity Trust during the 2nd quarter worth about $481,000. Institutional investors own 7.24% of the company’s stock.

About The Gabelli Equity Trust

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.