Key Points
- Saba Capital Management purchased 27,937 ECF shares at an average price of $11.95, spending approximately $333,847 and increasing its ownership by 1.7% to 1.67 million shares.
- The fund raised its quarterly dividend from $0.19 to $0.22 per share, representing an annualized payout of $0.88 and a 7.3% yield.
- ECF opened at $12.00, within its 52-week 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 27,937 shares of the company's stock in a transaction dated Thursday, October 8th. The shares were acquired at an average price of $11.95 per share, for a total transaction of $333,847.15. Following the purchase, the insider owned 1,673,947 shares in the company, valued at $20,003,666.65. The trade was a 1.70% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.
Saba Capital Management, L.P. also recently made the following trade(s):
- On Wednesday, October 7th, Saba Capital Management, L.P. purchased 17,548 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average price of $11.97 per share, for a total transaction of $210,049.56.
- On Friday, September 4th, Saba Capital Management, L.P. acquired 6,800 shares of Ellsworth Growth and Income Fund stock. The stock was acquired 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. acquired 5,000 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average cost of $12.25 per share, with a total value of $61,250.00.
- On Friday, August 28th, Saba Capital Management, L.P. acquired 1,200 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average price of $12.47 per share, with a total value 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 shares were acquired 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. bought 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.
- On Thursday, August 20th, Saba Capital Management, L.P. bought 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 Performance
NYSEAMERICAN ECF opened at $12.00 on Wednesday. Ellsworth Growth and Income Fund Ltd. has a fifty-two week low of $10.70 and a fifty-two week high of $13.85. The stock's 50-day moving average is $12.33 and its two-hundred day moving average is $12.49.
Ellsworth Growth and Income Fund Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th were paid a dividend of $0.22 per share. This is a boost from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19. The ex-dividend date was Wednesday, September 16th. This represents a $0.88 annualized dividend and a dividend yield of 7.3%.
Institutional Inflows and Outflows
Institutional investors have recently made changes to their positions in the stock. Capstone Investment Advisors LLC acquired a new stake in Ellsworth Growth and Income Fund in the 2nd quarter worth approximately $1,076,000. Evolve Private Wealth LLC acquired a new position in Ellsworth Growth and Income Fund during the second quarter valued at approximately $875,000. Sit Investment Associates Inc. grew its holdings in Ellsworth Growth and Income Fund by 4.9% during the fourth quarter. Sit Investment Associates Inc. now owns 932,552 shares of the investment management company's stock valued at $10,846,000 after purchasing an additional 43,839 shares during the last quarter. Readystate Asset Management LP acquired a new position in Ellsworth Growth and Income Fund during the second quarter valued at approximately $154,000. Finally, Ruggaard & Associates LLC bought a new position in shares of Ellsworth Growth and Income Fund in the second quarter valued at approximately $248,000. 35.88% of the stock is owned by institutional investors.
About Ellsworth Growth and Income Fund
(
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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