Key Points
- Saba Capital Management bought 1,050 ECF shares at an average $11.75, increasing its stake to 1,796,523 shares valued at approximately $21.1 million. The purchase was part of a series of recent acquisitions disclosed to the SEC.
- ECF shares opened at $11.89, compared with a 52-week range of $10.70 to $13.85; the 50-day and 200-day moving averages were $12.06 and $12.29, respectively.
- The fund raised its quarterly dividend to $0.22 from $0.19, implying an annualized payout of $0.88 and a 7.4% yield. Institutional investors and hedge funds collectively own 35.88% of the stock.
Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 1,050 shares of the company's stock in a transaction that occurred on Wednesday, October 28th. The shares were bought at an average price of $11.75 per share, with a total value of $12,337.50. Following the transaction, the insider owned 1,796,523 shares in the company, valued at $21,109,145.25. This represents a 0.06% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 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 Tuesday, October 27th, Saba Capital Management, L.P. bought 400 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average price of $11.63 per share, for a total transaction of $4,652.00.
- On Monday, October 26th, Saba Capital Management, L.P. bought 2,618 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average price of $11.43 per share, for a total transaction of $29,923.74.
- On Wednesday, October 21st, Saba Capital Management, L.P. purchased 2,600 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average cost of $11.58 per share, for a total transaction of $30,108.00.
- On Tuesday, October 20th, Saba Capital Management, L.P. acquired 1,830 shares of Ellsworth Growth and Income Fund stock. The shares were purchased 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 purchased at an average cost 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 purchased at an average price of $11.65 per share, for a total transaction 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, for a total transaction 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 stock was purchased at an average cost 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 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 price of $11.95 per share, with a total value of $333,847.15.
Ellsworth Growth and Income Fund Price Performance
Shares of Ellsworth Growth and Income Fund stock opened at $11.89 on Friday. Ellsworth Growth and Income Fund Ltd. has a fifty-two week low of $10.70 and a fifty-two week high of $13.85. The business's fifty day moving average is $12.06 and its two-hundred day moving average is $12.29.
Ellsworth Growth and Income Fund Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th were paid a $0.22 dividend. The ex-dividend date was Wednesday, September 16th. This is an increase from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19. This represents a $0.88 annualized dividend and a yield of 7.4%.
Institutional Trading of Ellsworth Growth and Income Fund
Hedge funds have recently added to or reduced their stakes in the business. Blue Bell Private Wealth Management LLC grew its holdings in Ellsworth Growth and Income Fund by 19.2% in the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 285,041 shares of the investment management company's stock valued at $3,341,000 after buying an additional 45,897 shares during the period. Capstone Investment Advisors LLC acquired a new position in shares of Ellsworth Growth and Income Fund during the 2nd quarter valued at about $1,076,000. Evolve Private Wealth LLC acquired a new position in shares of Ellsworth Growth and Income Fund during the 2nd quarter valued at about $875,000. Royal Bank of Canada lifted its holdings in shares of 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. Finally, Waverly Advisors LLC lifted its holdings in shares of Ellsworth Growth and Income Fund by 3.2% during the 1st quarter. Waverly Advisors LLC now owns 42,499 shares of the investment management company's stock worth $474,000 after acquiring an additional 1,300 shares during the period. 35.88% of the stock is owned by institutional investors and hedge funds.
Ellsworth Growth and Income Fund Company Profile
(
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
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