Gabelli Equity Trust (NYSE:GAB) Shares Gap Down - Here's What Happened

Gabelli Equity Trust Inc. (NYSE:GAB - Get Free Report)'s stock 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 traded.Get Gabelli Equity Trust alerts:Gabelli Equity Trust Trading Down 3.8%The firm's 50-day moving average is $5.97 and its two-hundred day moving average is $6.05. Gabelli Equity Trust Dividend AnnouncementThe firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 24th. Investors of record on Tuesday, March 17th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 11.1%. The ex-dividend date of this dividend was Tuesday, March 17th. Hedge Funds Weigh In On Gabelli Equity TrustInstitutional investors have recently bought and sold shares of the stock. Huntington National Bank bought a new stake in shares of Gabelli Equity Trust during the 3rd quarter worth about $30,000. Flagship Harbor Advisors LLC acquired a new stake in Gabelli Equity Trust in the 4th quarter worth approximately $30,000. Commonwealth Retirement Investments LLC acquired a new stake in Gabelli Equity Trust in the 4th quarter worth approximately $30,000. Geneos Wealth Management Inc. boosted its position in Gabelli Equity Trust by 200.0% during the second quarter. Geneos Wealth Management Inc. now owns 5,100 shares of the financial services provider's stock worth $30,000 after purchasing an additional 3,400 shares during the period. Finally, Larson Financial Group LLC bought a new stake in Gabelli Equity Trust during the third quarter worth approximately $34,000. 7.24% of the stock is currently owned by institutional investors. Gabelli Equity Trust Company Profile (Get Free Report)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.Read MoreFive stocks we like better than Gabelli Equity TrustThis instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Should You Invest $1,000 in Gabelli Equity Trust Right Now?Before you consider Gabelli Equity Trust, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Gabelli Equity Trust wasn't on the list.While Gabelli Equity Trust currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.View The Five Stocks Here