Key Points
- Saba Capital Management purchased 5,742 ECF shares at an average price of $12.53, investing $71,947.26 and increasing its position by 0.36% to 1,611,562 shares.
- Ellsworth Growth and Income Fund raised its quarterly dividend to $0.22 per share, or $0.88 annually, representing a 7.1% yield.
- ECF shares opened at $12.42, compared with a 12-month trading range of $10.70 to $13.85; institutional investors own approximately 35.88% of the fund.
Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. purchased 1,547 shares of the firm's stock in a transaction dated Thursday, August 20th. The stock was acquired at an average price of $12.52 per share, with a total value of $19,368.44. Following the purchase, the insider directly owned 1,605,820 shares of the company's stock, valued at approximately $20,104,866.40. The trade was a 0.10% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own 10% or more of a company's shares 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, August 21st, Saba Capital Management, L.P. purchased 5,742 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average cost of $12.53 per share, for a total transaction of $71,947.26.
Ellsworth Growth and Income Fund Stock Down 0.8%
Ellsworth Growth and Income Fund stock opened at $12.42 on Tuesday. Ellsworth Growth and Income Fund Ltd. has a one year low of $10.70 and a one year high of $13.85. The business's fifty day moving average is $12.72 and its 200 day moving average is $12.38.
Ellsworth Growth and Income Fund Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 7.1%. The ex-dividend date of this dividend is Wednesday, September 16th. This is a boost from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. boosted its stake in shares of Ellsworth Growth and Income Fund by 72.9% in the 4th quarter. Advisors Asset Management Inc. now owns 393,918 shares of the investment management company's stock worth $4,581,000 after buying an additional 166,043 shares during the last quarter. Pathstone Holdings LLC increased its position in Ellsworth Growth and Income Fund by 42.0% during the third quarter. Pathstone Holdings LLC now owns 390,077 shares of the investment management company's stock valued at $4,525,000 after acquiring an additional 115,441 shares during the last quarter. Capstone Investment Advisors LLC bought a new position in Ellsworth Growth and Income Fund in the second quarter valued at about $1,076,000. Evolve Private Wealth LLC bought a new position in Ellsworth Growth and Income Fund in the fourth quarter valued at about $811,000. Finally, Saba Capital Management L.P. lifted its holdings in Ellsworth Growth and Income Fund by 2.8% in the fourth quarter. Saba Capital Management L.P. now owns 1,680,620 shares of the investment management company's stock valued at $19,546,000 after acquiring an additional 45,368 shares during the period. Institutional investors own 35.88% of the company's stock.
Ellsworth Growth and Income Fund Company Profile
(
Get Free Report)
Ellsworth Growth and Income Fund (NYSEAMERICAN: ECF) is a closed-end management investment company that seeks to provide investors with a combination of capital appreciation and current income. The fund pursues its objectives by investing primarily in a diversified portfolio of common stocks of U.S. companies that pay dividends and exhibit long-term growth potential. To complement its equity holdings, the fund may also invest in preferred stocks, convertible securities and other income-oriented instruments.
ECF's investment strategy emphasizes a disciplined, research-driven approach.
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