Key Points
- Saba Capital Management bought 1,830 ECF shares at $11.39 each, increasing its holdings to 1,789,855 shares valued at approximately $20.4 million. The purchase followed several other acquisitions in recent weeks.
- Ellsworth Growth and Income Fund raised its quarterly dividend to $0.22 per share, representing an annualized payout of $0.88 and a 7.5% yield.
- ECF recently traded around $11.80, compared with a 52-week range of $10.70 to $13.85; institutional investors and hedge funds own approximately 35.9% of the fund.
Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. purchased 1,830 shares of the firm's stock in a transaction that occurred on Tuesday, October 20th. The stock was purchased at an average price of $11.39 per share, with a total value of $20,843.70. Following the purchase, the insider directly owned 1,789,855 shares of the company's stock, valued at $20,386,448.45. The trade was a 0.10% increase in their ownership of the stock. The transaction 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 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 19th, Saba Capital Management, L.P. purchased 17,079 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average price of $11.47 per share, with a total value of $195,896.13.
- On Friday, October 16th, Saba Capital Management, L.P. acquired 16,347 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average cost of $11.65 per share, for a total transaction of $190,442.55.
- On Thursday, October 15th, Saba Capital Management, L.P. acquired 9,969 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average price of $11.62 per share, for a total transaction of $115,839.78.
- On Wednesday, October 14th, Saba Capital Management, L.P. acquired 56,083 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average price of $11.74 per share, for a total transaction of $658,414.42.
- On Monday, October 12th, Saba Capital Management, L.P. acquired 14,600 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average cost of $12.03 per share, with a total value of $175,638.00.
- On Thursday, October 8th, Saba Capital Management, L.P. acquired 27,937 shares of Ellsworth Growth and Income Fund stock. The shares were 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. bought 17,548 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average price 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 purchased at an average price 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 stock was 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. bought 1,200 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average cost of $12.47 per share, for a total transaction of $14,964.00.
Ellsworth Growth and Income Fund Stock Performance
Ellsworth Growth and Income Fund stock opened at $11.80 on Thursday. Ellsworth Growth and Income Fund Ltd. has a 1-year low of $10.70 and a 1-year high of $13.85. The stock's fifty day moving average is $12.21 and its two-hundred day moving average is $12.51.
Ellsworth Growth and Income Fund Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $0.88 annualized dividend and a dividend yield of 7.5%. This is an increase from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19.
Institutional Investors Weigh In On Ellsworth Growth and Income Fund
Several hedge funds and other institutional investors have recently made changes to their positions in ECF. Global Retirement Partners LLC acquired a new stake in shares of Ellsworth Growth and Income Fund during the 2nd quarter worth about $28,000. Readystate Asset Management LP acquired a new position in Ellsworth Growth and Income Fund in the second quarter valued at approximately $154,000. Beckerman Institutional LLC acquired a new position in Ellsworth Growth and Income Fund in the second quarter valued at approximately $169,000. Ruggaard & Associates LLC purchased a new position in Ellsworth Growth and Income Fund in the second quarter valued at approximately $248,000. Finally, K2 Principal Fund L.P. purchased a new position in Ellsworth Growth and Income Fund in the second quarter valued at approximately $325,000. Institutional investors and hedge funds 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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