Key Points
- Saba Capital Management, L.P. sold 14,591 shares of ECF on Feb. 18 and has dumped roughly 76,347 shares across early February (about $924k), trimming its position by 0.9% to 1,604,273 shares valued at ≈$19.5M.
- The fund declared a quarterly dividend of $0.19 (annualized $0.76) with an ex-dividend/record date of March 17 and payment on March 24, implying a ~6.3% yield.
- Shares traded up 1.0% to $12.14 on Friday on below-average volume (9,726 vs. avg. 42,029); the 52-week range is $8.15–$12.65.
Ellsworth Growth and Income Fund Ltd. (NYSE:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. sold 6,072 shares of the company's stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $12.20, for a total transaction of $74,078.40. Following the transaction, the insider owned 1,618,864 shares of the company's stock, valued at $19,750,140.80. This trade represents a 0.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Large shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.
Saba Capital Management, L.P. also recently made the following trade(s):
- On Wednesday, February 18th, Saba Capital Management, L.P. sold 14,591 shares of Ellsworth Growth and Income Fund stock. The shares were sold at an average price of $12.16, for a total value of $177,426.56.
- On Friday, February 13th, Saba Capital Management, L.P. sold 7,532 shares of Ellsworth Growth and Income Fund stock. The stock was sold at an average price of $12.25, for a total value of $92,267.00.
- On Wednesday, February 11th, Saba Capital Management, L.P. sold 14,110 shares of Ellsworth Growth and Income Fund stock. The shares were sold at an average price of $12.24, for a total value of $172,706.40.
- 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 stock was sold at an average price of $12.02, for a total transaction of $94,044.48.
Ellsworth Growth and Income Fund Trading Up 1.0%
ECF traded up $0.12 during trading on Friday, reaching $12.14. 10,169 shares of the company's stock were exchanged, compared to its average volume of 42,092. The firm has a fifty day moving average price of $12.07 and a two-hundred day moving average price of $11.76. Ellsworth Growth and Income Fund Ltd. has a one year low of $8.15 and a one year high of $12.65.
Ellsworth Growth and Income Fund Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th will be given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 6.3%. The ex-dividend date is Tuesday, March 17th.
Institutional Trading of Ellsworth Growth and Income Fund
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Invesco Ltd. lifted its position in shares of Ellsworth Growth and Income Fund by 17.2% in the 4th quarter. Invesco Ltd. now owns 232,215 shares of the company's stock worth $2,701,000 after purchasing an additional 34,026 shares during the period. Saba Capital Management L.P. boosted its position in Ellsworth Growth and Income Fund by 2.8% during the fourth quarter. Saba Capital Management L.P. now owns 1,680,620 shares of the company's stock valued at $19,546,000 after acquiring an additional 45,368 shares during the last quarter. Evolve Private Wealth LLC acquired a new stake in Ellsworth Growth and Income Fund during the 4th quarter worth about $811,000. Guggenheim Capital LLC raised its position in shares of Ellsworth Growth and Income Fund by 16.0% in the 4th quarter. Guggenheim Capital LLC now owns 164,329 shares of the company's stock worth $1,911,000 after acquiring an additional 22,611 shares in the last quarter. Finally, Royal Bank of Canada lifted its stake in shares of Ellsworth Growth and Income Fund by 10.7% in the 4th quarter. Royal Bank of Canada now owns 47,354 shares of the company's stock valued at $550,000 after purchasing an additional 4,574 shares during the period. Institutional investors and hedge funds own 35.88% of the company's stock.
Ellsworth Growth and Income Fund Company Profile
(
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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