Key Points
- Saba Capital Management sold 14,110 shares of Ellsworth Growth and Income Fund (ECF) on Feb. 11 at an average price of $12.24 for $172,706.40, trimming its position to 1,632,468 shares (a 0.86% decrease).
- Saba has made multiple recent disposals, also selling 26,218 shares on Feb. 6 and 7,824 shares on Feb. 5, indicating continued insider selling activity.
- Ellsworth declared a quarterly dividend of $0.19 (annualized $0.76, ~6.2% yield), payable March 24 to holders of record on March 17 (ex-dividend date March 17).
Ellsworth Growth and Income Fund Ltd. (NYSE:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. sold 14,110 shares of the stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $12.24, for a total transaction of $172,706.40. Following the completion of the sale, the insider owned 1,632,468 shares in the company, valued at $19,981,408.32. The trade was a 0.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own at least 10% of a company's stock are required to disclose their sales and purchases with the SEC.
Saba Capital Management, L.P. also recently made the following trade(s):
- On Friday, February 6th, Saba Capital Management, L.P. sold 26,218 shares of Ellsworth Growth and Income Fund stock. The shares were sold at an average price of $11.95, for a total value of $313,305.10.
- On Thursday, February 5th, Saba Capital Management, L.P. sold 7,824 shares of Ellsworth Growth and Income Fund stock. The shares were sold at an average price of $12.02, for a total value of $94,044.48.
Ellsworth Growth and Income Fund Trading Down 0.5%
ECF opened at $12.19 on Friday. Ellsworth Growth and Income Fund Ltd. has a 1 year low of $8.15 and a 1 year high of $12.65. The firm has a fifty day moving average price of $12.05 and a 200 day moving average price of $11.70.
Ellsworth Growth and Income Fund Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Investors of record on Tuesday, March 17th will be paid a $0.19 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $0.76 dividend on an annualized basis and a yield of 6.2%.
Institutional Investors Weigh In On Ellsworth Growth and Income Fund
A number of large investors have recently modified their holdings of the business. Gilpin Wealth Management LLC acquired a new stake in Ellsworth Growth and Income Fund in the 4th quarter valued at about $47,000. Osaic Holdings Inc. increased its holdings in Ellsworth Growth and Income Fund by 11.1% in the 2nd quarter. Osaic Holdings Inc. now owns 15,356 shares of the company's stock valued at $157,000 after purchasing an additional 1,535 shares during the last quarter. PMG Family Office LLC purchased a new stake in shares of Ellsworth Growth and Income Fund in the 3rd quarter valued at $212,000. LPL Financial LLC increased its stake in Ellsworth Growth and Income Fund by 27.7% during the fourth quarter. LPL Financial LLC now owns 23,308 shares of the company's stock worth $271,000 after purchasing an additional 5,051 shares during the period. Finally, Commonwealth Equity Services LLC boosted its position in Ellsworth Growth and Income Fund by 68.1% in the 4th quarter. Commonwealth Equity Services LLC now owns 32,592 shares of the company's stock valued at $379,000 after buying an additional 13,199 shares during the period. Hedge funds and other institutional investors own 35.88% of the company's stock.
About Ellsworth Growth and Income Fund
(
Get Free Report)
Ellsworth Growth and Income Fund, Inc (NYSE: ECF) is a closed-end management investment company whose primary objective is to provide shareholders with total return through a combination of capital appreciation and current income. The Fund pursues this objective by investing principally in common stocks of U.S. companies that the investment adviser believes are undervalued relative to their growth prospects and exhibited attractive dividend yields. To complement its equity holdings, the Fund may also allocate assets to convertible securities, preferred stocks and high-quality fixed-income instruments.
The Fund employs a bottom-up, stock-picking approach, seeking issuers across a broad range of sectors that offer favorable risk-reward dynamics.
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