Key Points
- Saba Capital Management bought 16,347 ECF shares at an average price of $11.65, spending approximately $190,443 and increasing its stake to 1,770,946 shares valued at about $20.6 million.
- The purchase was part of a broader buying spree, with Saba acquiring more than 150,000 additional shares across several transactions since early October.
- ECF shares recently traded at $11.46, while the fund raised its quarterly dividend to $0.22 per share, representing an annualized payout of $0.88 and a yield of approximately 7.7%.
Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 16,347 shares of the stock in a transaction that occurred on Friday, October 16th. The stock was acquired at an average cost of $11.65 per share, for a total transaction of $190,442.55. Following the completion of the purchase, the insider owned 1,770,946 shares in the company, valued at $20,631,520.90. The trade was a 0.93% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Major shareholders that own at least 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 Monday, October 19th, Saba Capital Management, L.P. bought 17,079 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average price of $11.47 per share, with a total value of $195,896.13.
- On Thursday, October 15th, Saba Capital Management, L.P. bought 9,969 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average price of $11.62 per share, with a total value of $115,839.78.
- On Wednesday, October 14th, Saba Capital Management, L.P. bought 56,083 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average price of $11.74 per share, with a total value of $658,414.42.
- On Monday, October 12th, Saba Capital Management, L.P. bought 14,600 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average price of $12.03 per share, with a total value 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 stock was acquired at an average cost of $11.95 per share, for a total transaction 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 stock was acquired at an average cost 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 stock was acquired 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 stock was acquired 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. acquired 1,200 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average cost 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 acquired at an average cost of $12.49 per share, with a total value of $48,711.00.
Ellsworth Growth and Income Fund Stock Performance
Shares of Ellsworth Growth and Income Fund stock opened at $11.46 on Wednesday. Ellsworth Growth and Income Fund Ltd. has a 1 year low of $10.70 and a 1 year high of $13.85. The business has a 50 day moving average price of $12.23 and a 200 day moving average price of $12.51.
Ellsworth Growth and Income Fund Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th were issued 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 dividend on an annualized basis and a yield of 7.7%.
Hedge Funds Weigh In On Ellsworth Growth and Income Fund
Several hedge funds have recently bought and sold shares of ECF. Capstone Investment Advisors LLC acquired a new position in shares of Ellsworth Growth and Income Fund in the second quarter worth $1,076,000. Evolve Private Wealth LLC purchased a new stake in shares of Ellsworth Growth and Income Fund in the second quarter valued at $875,000. Royal Bank of Canada lifted its position in shares of Ellsworth Growth and Income Fund by 16.8% in the first quarter. Royal Bank of Canada now owns 55,309 shares of the investment management company's stock valued at $617,000 after acquiring an additional 7,955 shares in the last quarter. Waverly Advisors LLC lifted its position in shares of Ellsworth Growth and Income Fund by 3.2% in the first quarter. Waverly Advisors LLC now owns 42,499 shares of the investment management company's stock valued at $474,000 after acquiring an additional 1,300 shares in the last quarter. Finally, K2 Principal Fund L.P. acquired a new stake in shares of Ellsworth Growth and Income Fund during the second quarter valued at $325,000. 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.
Further Reading
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