Key Points
- Saba Capital Management acquired 1,200 ECF shares at an average price of $12.47, increasing its holdings to 1,616,662 shares valued at approximately $20.16 million. The purchase followed several additional acquisitions in August.
- Ellsworth Growth and Income Fund raised its quarterly dividend to $0.22 per share from $0.19, implying an annualized dividend of $0.88 and a yield of about 7.2%.
- ECF opened at $12.19, down 1.0%, while institutional investors owned approximately 35.88% of the company’s stock.
Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 1,200 shares of the stock in a transaction dated Friday, August 28th. The stock was acquired at an average cost of $12.47 per share, with a total value of $14,964.00. Following the purchase, the insider owned 1,616,662 shares of the company's stock, valued at approximately $20,159,775.14. This trade represents a 0.07% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own more than 10% 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 Thursday, August 27th, Saba Capital Management, L.P. bought 3,900 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $12.49 per share, with a total value of $48,711.00.
- On Friday, August 21st, Saba Capital Management, L.P. bought 5,742 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average cost 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 bought at an average price of $12.52 per share, for a total transaction of $19,368.44.
Ellsworth Growth and Income Fund Stock Down 1.0%
ECF stock opened at $12.19 on Wednesday. The business's 50-day moving average is $12.62 and its two-hundred day moving average is $12.39. Ellsworth Growth and Income Fund Ltd. has a 1 year low of $10.70 and a 1 year high of $13.85.
Ellsworth Growth and Income Fund Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th will be issued a dividend of $0.22 per share. This is a positive change from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.88 dividend on an annualized basis and a yield of 7.2%.
Institutional Investors Weigh In On Ellsworth Growth and Income Fund
Several hedge funds and other institutional investors have recently made changes to their positions in ECF. Invesco Ltd. lifted its stake in Ellsworth Growth and Income Fund by 31.2% during the second quarter. Invesco Ltd. now owns 161,109 shares of the investment management company's stock worth $1,651,000 after purchasing an additional 38,271 shares during the last quarter. Baird Financial Group Inc. increased its stake in Ellsworth Growth and Income Fund by 1.0% in the second quarter. Baird Financial Group Inc. now owns 145,155 shares of the investment management company's stock valued at $1,488,000 after purchasing an additional 1,475 shares during the last quarter. NewEdge Advisors LLC raised its stake in Ellsworth Growth and Income Fund by 44.8% during the 2nd quarter. NewEdge Advisors LLC now owns 75,407 shares of the investment management company's stock worth $773,000 after acquiring an additional 23,340 shares in the last quarter. Osaic Holdings Inc. increased its position in shares of Ellsworth Growth and Income Fund by 11.1% during the second quarter. Osaic Holdings Inc. now owns 15,356 shares of the investment management company's stock worth $157,000 after purchasing an additional 1,535 shares in the last quarter. Finally, 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 worth $4,525,000 after buying an additional 115,441 shares during the period. Institutional investors and hedge funds own 35.88% of the company's stock.
About Ellsworth Growth and Income Fund
(
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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