Key Points
- Saba Capital Management purchased 2,618 ECF shares for $29,923.74, increasing its direct ownership to 1,795,073 shares valued at approximately $20.5 million. The transaction was part of a series of purchases totaling more than 150,000 shares since early October.
- Ellsworth Growth and Income Fund shares opened at $11.69, with a 52-week range of $10.70 to $13.85. Institutional investors own approximately 35.88% of the fund.
- The fund increased its quarterly dividend from $0.19 to $0.22 per share, representing an annualized dividend 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 2,618 shares of the firm's stock in a transaction dated Monday, October 26th. The shares were acquired at an average price of $11.43 per share, for a total transaction of $29,923.74. Following the acquisition, the insider directly owned 1,795,073 shares of the company's stock, valued at approximately $20,517,684.39. The trade was a 0.15% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large 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 Wednesday, October 21st, Saba Capital Management, L.P. purchased 2,600 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average price of $11.58 per share, with a total value of $30,108.00.
- On Tuesday, October 20th, Saba Capital Management, L.P. bought 1,830 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $11.39 per share, for a total transaction of $20,843.70.
- On Monday, October 19th, Saba Capital Management, L.P. acquired 17,079 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average cost of $11.47 per share, with a total value of $195,896.13.
- On Friday, October 16th, Saba Capital Management, L.P. purchased 16,347 shares of Ellsworth Growth and Income Fund stock. The shares were purchased 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 purchased 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. acquired 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. purchased 14,600 shares of Ellsworth Growth and Income Fund stock. The stock was bought 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. bought 27,937 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $11.95 per share, with a total value 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 purchased 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. purchased 6,800 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average cost of $12.36 per share, for a total transaction of $84,048.00.
Ellsworth Growth and Income Fund Stock Up 1.9%
Shares of NYSEAMERICAN ECF opened at $11.69 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 stock's 50-day simple moving average is $12.10 and its 200-day simple moving average is $12.30.
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 paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 7.5%. 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.
Institutional Investors Weigh In On Ellsworth Growth and Income Fund
A number of institutional investors have recently made changes to their positions in ECF. Capstone Investment Advisors LLC acquired a new stake in shares of Ellsworth Growth and Income Fund during the second quarter worth $1,076,000. Evolve Private Wealth LLC bought a new stake in shares of Ellsworth Growth and Income Fund during the second quarter valued at approximately $875,000. Royal Bank of Canada boosted its position in Ellsworth Growth and Income Fund by 16.8% during the 1st quarter. Royal Bank of Canada now owns 55,309 shares of the investment management company's stock worth $617,000 after acquiring an additional 7,955 shares during the period. Waverly Advisors LLC grew its position in Ellsworth Growth and Income Fund by 3.2% in the 1st quarter. Waverly Advisors LLC now owns 42,499 shares of the investment management company's stock valued at $474,000 after buying an additional 1,300 shares in the last quarter. Finally, Private Advisor Group LLC boosted its holdings in shares of Ellsworth Growth and Income Fund by 7.6% in the first quarter. Private Advisor Group LLC now owns 27,015 shares of the investment management company's stock valued at $301,000 after acquiring an additional 1,916 shares in the last quarter. 35.88% of the stock is currently owned by institutional investors.
About Ellsworth Growth and Income Fund
(
Get Free Report)
Ellsworth Growth and Income Fund, Inc (NYSE American: ECF) is a diversified closed-end management investment company. The fund seeks to provide investors with current income and long-term capital appreciation through a professionally managed portfolio of securities.
ECF invests primarily in convertible securities, including convertible bonds and convertible preferred stocks, as well as common stocks. Convertible securities may offer income while also providing the potential to participate in the equity appreciation of the underlying companies.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
