Key Points
- Saba Capital Management purchased 3,900 ECF shares at an average of $12.49, raising its holdings to 1,615,462 shares valued at approximately $20.2 million. The major shareholder also made purchases earlier in August.
- Ellsworth Growth and Income Fund increased its quarterly dividend to $0.22 per share, up from $0.19, implying an annualized dividend of $0.88 and a 7.1% yield.
- ECF opened at $12.43 after declining 0.3%; 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 3,900 shares of Ellsworth Growth and Income Fund stock in a transaction dated Thursday, August 27th. The stock was bought at an average price of $12.49 per share, for a total transaction of $48,711.00. Following the completion of the purchase, the insider owned 1,615,462 shares in the company, valued at $20,177,120.38. This represents a 0.24% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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, August 21st, Saba Capital Management, L.P. purchased 5,742 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average price of $12.53 per share, with a total value of $71,947.26.
- On Thursday, August 20th, Saba Capital Management, L.P. purchased 1,547 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average price of $12.52 per share, for a total transaction of $19,368.44.
Ellsworth Growth and Income Fund Trading Down 0.3%
NYSEAMERICAN:ECF opened at $12.43 on Friday. The firm's 50 day simple moving average is $12.66 and its 200 day simple moving average is $12.39. Ellsworth Growth and Income Fund Ltd. has a one year low of $10.70 and a one year high of $13.85.
Ellsworth Growth and Income Fund Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 7.1%. This is an increase from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19.
Institutional Investors Weigh In On Ellsworth Growth and Income Fund
Hedge funds have recently added to or reduced their stakes in the business. Readystate Asset Management LP acquired a new stake in shares of Ellsworth Growth and Income Fund during the 2nd quarter worth approximately $154,000. Ruggaard & Associates LLC acquired a new position in Ellsworth Growth and Income Fund during the 2nd quarter worth approximately $248,000. Capstone Investment Advisors LLC bought a new position in Ellsworth Growth and Income Fund in the second quarter worth approximately $1,076,000. Evolve Private Wealth LLC bought a new position in Ellsworth Growth and Income Fund in the second quarter worth approximately $875,000. Finally, Beckerman Institutional LLC acquired a new stake in Ellsworth Growth and Income Fund in the second quarter valued at approximately $169,000. 35.88% of the stock is currently owned by institutional investors.
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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