Key Points
- Mario Gabelli sold 1,300 shares of Bancroft Fund (NYSE:BCV) on Jan. 5 at an average price of $22.25 for $28,925, cutting his stake by 4.81% to 25,700 shares (SEC filing disclosed).
- Bancroft Fund increased its quarterly dividend to $0.35 (from $0.32), equal to an annualized $1.40 and a roughly 6.2% yield, with the payment made Dec. 30.
- BCV trades near $22.68 with a 50-day/200-day SMA of $22.33/$21.37 and a 12-month range of $15.63–$23.88, and institutional investors own about 22.43% of the shares.
Bancroft Fund Ltd. (NYSE:BCV - Get Free Report) insider Mario Gabelli sold 1,300 shares of the stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $22.25, for a total transaction of $28,925.00. Following the completion of the transaction, the insider owned 25,700 shares in the company, valued at approximately $571,825. This trade represents a 4.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.
Bancroft Fund Stock Performance
Shares of NYSE BCV opened at $22.68 on Thursday. The company has a 50 day simple moving average of $22.33 and a two-hundred day simple moving average of $21.37. Bancroft Fund Ltd. has a 12 month low of $15.63 and a 12 month high of $23.88.
Bancroft Fund Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 30th. Investors of record on Monday, November 24th were given a dividend of $0.35 per share. This is a boost from Bancroft Fund's previous quarterly dividend of $0.32. This represents a $1.40 dividend on an annualized basis and a yield of 6.2%. The ex-dividend date was Monday, November 24th.
Hedge Funds Weigh In On Bancroft Fund
Several institutional investors and hedge funds have recently modified their holdings of BCV. Laurel Wealth Advisors LLC boosted its stake in shares of Bancroft Fund by 1,790.0% in the second quarter. Laurel Wealth Advisors LLC now owns 3,780 shares of the company's stock worth $71,000 after buying an additional 3,580 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Bancroft Fund by 8.1% during the third quarter. PNC Financial Services Group Inc. now owns 6,660 shares of the company's stock valued at $146,000 after acquiring an additional 500 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Bancroft Fund in the second quarter valued at approximately $136,000. Osaic Holdings Inc. boosted its position in Bancroft Fund by 95.8% in the 2nd quarter. Osaic Holdings Inc. now owns 8,415 shares of the company's stock worth $159,000 after purchasing an additional 4,118 shares in the last quarter. Finally, First Trust Advisors LP purchased a new stake in Bancroft Fund in the 3rd quarter worth approximately $206,000. Institutional investors and hedge funds own 22.43% of the company's stock.
About Bancroft Fund
(
Get Free Report)
The Bancroft Fund (NYSE:BCV) is a closed-end management investment company that seeks to provide total return through both current income and capital appreciation. Established as a publicly traded fund, Bancroft offers investors access to a diversified portfolio of income-oriented securities, with a particular emphasis on funds that themselves invest in dividend-paying and other cash-flow assets.
To pursue its investment objective, the Fund allocates principally to shares of registered investment companies, including other closed-end funds and exchange-traded funds.
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