Key Points
- Saba Capital Management purchased 2,600 ECF shares at $11.58 each, spending $30,108 and increasing its ownership by 0.15% to 1,792,455 shares valued at approximately $20.76 million.
- The major shareholder has made multiple recent purchases, including more than 56,000 shares on October 14, signaling continued accumulation of Ellsworth Growth and Income Fund stock.
- ECF recently raised its quarterly dividend to $0.22 per share, equivalent to $0.88 annually and a 7.7% yield; the stock opened at $11.44, below its 50-day and 200-day moving averages.
Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 2,600 shares of the stock in a transaction dated Wednesday, October 21st. The stock was acquired at an average cost of $11.58 per share, for a total transaction of $30,108.00. Following the purchase, the insider directly owned 1,792,455 shares in the company, valued at approximately $20,756,628.90. The trade was a 0.15% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 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 Tuesday, October 20th, Saba Capital Management, L.P. bought 1,830 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average price of $11.39 per share, for a total transaction of $20,843.70.
- On Monday, October 19th, Saba Capital Management, L.P. bought 17,079 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average price of $11.47 per share, for a total transaction of $195,896.13.
- On Friday, October 16th, Saba Capital Management, L.P. bought 16,347 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average cost of $11.65 per share, with a total value of $190,442.55.
- 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. purchased 56,083 shares of Ellsworth Growth and Income Fund stock. The stock was acquired 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. purchased 14,600 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost 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 stock was bought 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. acquired 17,548 shares of Ellsworth Growth and Income Fund stock. The shares were bought 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. acquired 6,800 shares of Ellsworth Growth and Income Fund stock. The shares were bought 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. bought 5,000 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $12.25 per share, for a total transaction of $61,250.00.
Ellsworth Growth and Income Fund Stock Performance
Shares of NYSEAMERICAN ECF opened at $11.44 on Friday. The stock's fifty day simple moving average is $12.17 and its 200 day simple moving average is $12.51. Ellsworth Growth and Income Fund Ltd. has a 52-week low of $10.70 and a 52-week high of $13.85.
Ellsworth Growth and Income Fund Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th were given a $0.22 dividend. This is a positive change 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 dividend yield of 7.7%.
Institutional Trading of Ellsworth Growth and Income Fund
Several institutional investors and hedge funds have recently bought and sold shares of ECF. Capstone Investment Advisors LLC purchased a new stake in Ellsworth Growth and Income Fund during the second quarter valued at about $1,076,000. Evolve Private Wealth LLC acquired a new position in shares of Ellsworth Growth and Income Fund in the second quarter worth about $875,000. K2 Principal Fund L.P. purchased a new position in shares of Ellsworth Growth and Income Fund in the second quarter worth approximately $325,000. Ruggaard & Associates LLC purchased a new position in shares of Ellsworth Growth and Income Fund in the second quarter worth approximately $248,000. Finally, Beckerman Institutional LLC purchased a new position in shares of Ellsworth Growth and Income Fund in the second quarter worth approximately $169,000. Institutional investors and hedge funds 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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