Key Points
- Saba Capital Management purchased 5,975 ECF shares for $70,923.25, increasing its position by 0.33% to 1,802,498 shares. The shareholder has made multiple additional purchases throughout October.
- ECF opened at $11.72, compared with a 52-week range of $10.70 to $13.85. Institutional investors own approximately 35.88% of the fund.
- The fund raised its quarterly dividend from $0.19 to $0.22 per share, implying an annualized dividend of $0.88 and a yield of about 7.5%.
Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. purchased 5,975 shares of the stock in a transaction that occurred on Thursday, October 29th. The stock was acquired at an average cost of $11.87 per share, for a total transaction of $70,923.25. Following the completion of the acquisition, the insider owned 1,802,498 shares in the company, valued at $21,395,651.26. This represents a 0.33% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Large 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 Wednesday, October 28th, Saba Capital Management, L.P. purchased 1,050 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average price of $11.75 per share, with a total value of $12,337.50.
- On Tuesday, October 27th, Saba Capital Management, L.P. acquired 400 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average cost of $11.63 per share, with a total value of $4,652.00.
- On Monday, October 26th, Saba Capital Management, L.P. acquired 2,618 shares of Ellsworth Growth and Income Fund stock. The shares were bought 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. bought 2,600 shares of Ellsworth Growth and Income Fund stock. The stock was bought 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. bought 1,830 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average price of $11.39 per share, with a total value 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 shares were bought 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. bought 16,347 shares of Ellsworth Growth and Income Fund stock. The shares were bought 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. purchased 9,969 shares of Ellsworth Growth and Income Fund stock. The stock was bought 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. purchased 56,083 shares of Ellsworth Growth and Income Fund stock. The stock was bought 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 bought at an average cost of $12.03 per share, with a total value of $175,638.00.
Ellsworth Growth and Income Fund Price Performance
ECF opened at $11.72 on Friday. The firm has a 50-day simple moving average of $12.05 and a two-hundred day simple moving average of $12.29. 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 company also recently announced 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 an increase from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19. This represents a $0.88 dividend on an annualized basis and a dividend yield of 7.5%. The ex-dividend date was Wednesday, September 16th.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of the company. Capstone Investment Advisors LLC bought a new position in shares of Ellsworth Growth and Income Fund during the 2nd quarter valued at approximately $1,076,000. Evolve Private Wealth LLC bought a new stake in Ellsworth Growth and Income Fund in the second quarter worth $875,000. Blue Bell Private Wealth Management LLC increased its position in Ellsworth Growth and Income Fund by 19.2% in the third quarter. Blue Bell Private Wealth Management LLC now owns 285,041 shares of the investment management company's stock worth $3,341,000 after purchasing an additional 45,897 shares during the last quarter. K2 Principal Fund L.P. bought a new stake in Ellsworth Growth and Income Fund in the second quarter worth $325,000. Finally, Ruggaard & Associates LLC purchased a new stake in Ellsworth Growth and Income Fund during the second quarter valued at $248,000. 35.88% of the stock is currently owned by institutional investors.
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.
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