Key Points
- Saba Capital Management purchased 56,083 ECF shares at an average price of $11.74, investing $658,414 and increasing its position by 3.32% to 1,744,630 shares.
- The transaction follows several additional purchases by Saba in recent months, signaling continued accumulation by the major shareholder.
- ECF was trading at $11.80, while its quarterly dividend rose to $0.22 per share, representing an annualized payout of $0.88 and a 7.5% yield.
Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 56,083 shares of the business's stock in a transaction dated Wednesday, October 14th. The stock was purchased at an average price of $11.74 per share, with a total value of $658,414.42. Following the completion of the acquisition, the insider directly owned 1,744,630 shares in the company, valued at approximately $20,481,956.20. This represents a 3.32% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 Monday, October 12th, Saba Capital Management, L.P. purchased 14,600 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average price of $12.03 per share, for a total transaction of $175,638.00.
- On Thursday, October 8th, Saba Capital Management, L.P. purchased 27,937 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average price of $11.95 per share, for a total transaction of $333,847.15.
- On Wednesday, October 7th, Saba Capital Management, L.P. acquired 17,548 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average cost of $11.97 per share, with a total value of $210,049.56.
- On Friday, September 4th, Saba Capital Management, L.P. bought 6,800 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average cost of $12.36 per share, for a total transaction 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 acquired 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 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. acquired 3,900 shares of Ellsworth Growth and Income Fund stock. The shares were bought 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. acquired 5,742 shares of Ellsworth Growth and Income Fund stock. The shares were bought 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. acquired 1,547 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $12.52 per share, for a total transaction of $19,368.44.
Ellsworth Growth and Income Fund Trading Up 0.7%
ECF opened at $11.80 on Friday. Ellsworth Growth and Income Fund Ltd. has a 12 month low of $10.70 and a 12 month high of $13.85. The business's 50-day moving average price is $12.30 and its 200-day moving average price is $12.50.
Ellsworth Growth and Income Fund Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th were paid a $0.22 dividend. This is an increase from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.88 dividend on an annualized basis and a yield of 7.5%.
Institutional Investors Weigh In On Ellsworth Growth and Income Fund
Institutional investors have recently added to or reduced their stakes in the company. Readystate Asset Management LP bought a new stake in shares of Ellsworth Growth and Income Fund in the second quarter worth about $154,000. Ruggaard & Associates LLC purchased a new position in Ellsworth Growth and Income Fund during the 2nd quarter valued at about $248,000. Capstone Investment Advisors LLC bought a new position in Ellsworth Growth and Income Fund during the 2nd quarter valued at approximately $1,076,000. Evolve Private Wealth LLC bought a new position in Ellsworth Growth and Income Fund during the 2nd quarter valued at approximately $875,000. Finally, Beckerman Institutional LLC bought a new position in Ellsworth Growth and Income Fund during the 2nd quarter valued at approximately $169,000. Hedge funds and other institutional investors own 35.88% of the company's stock.
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.
See Also
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