Key Points
- Saba Capital Management purchased 17,548 Ellsworth Growth and Income Fund shares at an average price of $11.97, investing approximately $210,050 and increasing its stake to 1,646,010 shares.
- Ellsworth Growth and Income Fund raised its quarterly dividend from $0.19 to $0.22 per share, equivalent to an annualized $0.88 dividend and a 7.3% yield.
- ECF shares opened at $12.11, compared with a 52-week range of $10.70 to $13.85; institutional investors and hedge funds collectively own 35.88% of the stock.
Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. purchased 17,548 shares of the stock in a transaction that occurred on Wednesday, October 7th. The stock was purchased at an average price of $11.97 per share, for a total transaction of $210,049.56. Following the acquisition, the insider owned 1,646,010 shares in the company, valued at approximately $19,702,739.70. This trade represents a 1.08% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own more than 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, September 4th, Saba Capital Management, L.P. acquired 6,800 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average cost of $12.36 per share, with a total value of $84,048.00.
- On Thursday, September 3rd, Saba Capital Management, L.P. bought 5,000 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average price of $12.25 per share, for a total transaction of $61,250.00.
- On Friday, August 28th, Saba Capital Management, L.P. bought 1,200 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average price of $12.47 per share, for a total transaction of $14,964.00.
- On Thursday, August 27th, Saba Capital Management, L.P. bought 3,900 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average cost of $12.49 per share, for a total transaction of $48,711.00.
- On Friday, August 21st, Saba Capital Management, L.P. purchased 5,742 shares of Ellsworth Growth and Income Fund stock. The stock was purchased 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 cost of $12.52 per share, with a total value of $19,368.44.
Ellsworth Growth and Income Fund Stock Up 1.3%
NYSEAMERICAN:ECF opened at $12.11 on Friday. Ellsworth Growth and Income Fund Ltd. has a 52-week low of $10.70 and a 52-week high of $13.85. The stock has a fifty day simple moving average of $12.35 and a 200-day simple moving average of $12.47.
Ellsworth Growth and Income Fund Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th were given a dividend of $0.22 per share. The ex-dividend date was Wednesday, September 16th. This is an increase from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19. This represents a $0.88 dividend on an annualized basis and a yield of 7.3%.
Institutional Trading of Ellsworth Growth and Income Fund
Several institutional investors and hedge funds have recently modified their holdings of the business. Readystate Asset Management LP purchased a new position in shares of Ellsworth Growth and Income Fund during the 2nd quarter worth approximately $154,000. Ruggaard & Associates LLC purchased a new stake in Ellsworth Growth and Income Fund in the 2nd quarter valued at approximately $248,000. Capstone Investment Advisors LLC purchased a new stake in Ellsworth Growth and Income Fund in the 2nd quarter valued at approximately $1,076,000. Evolve Private Wealth LLC acquired a new stake in Ellsworth Growth and Income Fund during the 2nd quarter valued at $875,000. Finally, Beckerman Institutional LLC purchased a new position in Ellsworth Growth and Income Fund during the second quarter worth $169,000. Hedge funds and other 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, Inc is a closed-end management investment company listed on the NYSE American under the symbol ECF. The fund seeks to provide investors with current income and long-term capital appreciation through a professionally managed portfolio of securities.
The fund invests primarily in convertible securities, including convertible bonds and preferred stocks, as well as common stocks and other income-producing investments. Convertible securities may provide regular income while also offering the potential to participate in the appreciation of the underlying companies' common shares.
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