Key Points
- Saba Capital Management purchased 14,600 ECF shares at an average price of $12.03, investing $175,638 and increasing its stake by 0.87% to 1,688,547 shares worth approximately $20.3 million.
- The purchase continues Saba’s recent buying activity, which includes multiple acquisitions since August and October purchases totaling tens of thousands of additional shares.
- Ellsworth Growth and Income Fund increased its quarterly dividend from $0.19 to $0.22 per share, representing an annualized dividend of $0.88 and a yield of about 7.5%.
Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. bought 14,600 shares of Ellsworth Growth and Income Fund stock in a transaction dated Monday, October 12th. The stock was purchased at an average cost of $12.03 per share, with a total value of $175,638.00. Following the completion of the acquisition, the insider directly owned 1,688,547 shares in the company, valued at approximately $20,313,220.41. The trade was a 0.87% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Large 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, October 8th, Saba Capital Management, L.P. bought 27,937 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average cost of $11.95 per share, with a total value of $333,847.15.
- On Wednesday, October 7th, Saba Capital Management, L.P. purchased 17,548 shares of Ellsworth Growth and Income Fund stock. The shares were purchased 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. purchased 6,800 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average price of $12.36 per share, for a total transaction of $84,048.00.
- On Thursday, September 3rd, Saba Capital Management, L.P. purchased 5,000 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average cost of $12.25 per share, for a total transaction of $61,250.00.
- On Friday, August 28th, Saba Capital Management, L.P. purchased 1,200 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average cost of $12.47 per share, for a total transaction of $14,964.00.
- On Thursday, August 27th, Saba Capital Management, L.P. acquired 3,900 shares of Ellsworth Growth and Income Fund stock. The stock was purchased 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. acquired 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. acquired 1,547 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average cost of $12.52 per share, with a total value of $19,368.44.
Ellsworth Growth and Income Fund Price Performance
ECF stock opened at $11.72 on Thursday. Ellsworth Growth and Income Fund Ltd. has a twelve month low of $10.70 and a twelve month high of $13.85. The business has a 50 day simple moving average of $12.31 and a 200-day simple moving average of $12.49.
Ellsworth Growth and Income Fund Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th were paid a dividend of $0.22 per share. The ex-dividend date was Wednesday, September 16th. This represents a $0.88 dividend on an annualized basis and a yield of 7.5%. This is an increase from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Global Retirement Partners LLC acquired a new position in Ellsworth Growth and Income Fund in the second quarter valued at $28,000. Readystate Asset Management LP purchased a new stake in shares of Ellsworth Growth and Income Fund in the second quarter valued at about $154,000. Beckerman Institutional LLC purchased a new stake in shares of Ellsworth Growth and Income Fund in the second quarter valued at about $169,000. Ruggaard & Associates LLC purchased a new stake in shares of Ellsworth Growth and Income Fund in the second quarter valued at about $248,000. Finally, K2 Principal Fund L.P. acquired a new stake in shares of Ellsworth Growth and Income Fund during the second quarter worth about $325,000. 35.88% of the stock is owned by hedge funds and other institutional investors.
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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