Key Points
- Saba Capital Management purchased 11,565 ECF shares at an average $11.77 per share, a transaction valued at $136,120.05. Its holdings rose 0.64% to 1,814,063 shares, worth approximately $21.35 million.
- The major shareholder has made multiple additional purchases in October, including 56,083 shares on October 14 and 17,079 shares on October 19, signaling continued accumulation.
- ECF shares opened at $11.63, within a 52-week range of $10.70 to $13.85. The fund increased its quarterly dividend to $0.22, equivalent to $0.88 annually and a 7.6% yield.
Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. bought 11,565 shares of the firm's stock in a transaction that occurred on Friday, October 30th. The shares were acquired at an average price of $11.77 per share, with a total value of $136,120.05. Following the acquisition, the insider owned 1,814,063 shares of the company's stock, valued at $21,351,521.51. This represents a 0.64% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own 10% or more 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 Thursday, October 29th, Saba Capital Management, L.P. purchased 5,975 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average cost of $11.87 per share, with a total value of $70,923.25.
- On Wednesday, October 28th, Saba Capital Management, L.P. purchased 1,050 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $11.75 per share, for a total transaction of $12,337.50.
- On Tuesday, October 27th, Saba Capital Management, L.P. purchased 400 shares of Ellsworth Growth and Income Fund stock. The stock was bought 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. acquired 2,618 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average cost of $11.43 per share, for a total transaction of $29,923.74.
- On Wednesday, October 21st, Saba Capital Management, L.P. acquired 2,600 shares of Ellsworth Growth and Income Fund stock. The shares were 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. purchased 1,830 shares of Ellsworth Growth and Income Fund stock. The shares were bought 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. purchased 17,079 shares of Ellsworth Growth and Income Fund stock. The stock was 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 stock was 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. acquired 9,969 shares of Ellsworth Growth and Income Fund stock. The stock was bought 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 purchased at an average cost of $11.74 per share, for a total transaction of $658,414.42.
Ellsworth Growth and Income Fund Stock Down 0.8%
Ellsworth Growth and Income Fund stock opened at $11.63 on Tuesday. 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 stock's 50 day simple moving average is $12.03 and its two-hundred day simple moving average is $12.29.
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 annualized dividend and a dividend yield of 7.6%. 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.
Hedge Funds Weigh In On Ellsworth Growth and Income Fund
A number of hedge funds have recently added to or reduced their stakes in ECF. Blue Bell Private Wealth Management LLC lifted its position 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 acquiring an additional 45,897 shares in the last quarter. Capstone Investment Advisors LLC bought a new stake in shares of Ellsworth Growth and Income Fund in the 2nd quarter worth $1,076,000. Evolve Private Wealth LLC bought a new stake in shares of Ellsworth Growth and Income Fund in the 2nd quarter worth $875,000. Royal Bank of Canada increased its holdings in shares of Ellsworth Growth and Income Fund by 16.8% in the 1st quarter. Royal Bank of Canada now owns 55,309 shares of the investment management company's stock worth $617,000 after purchasing an additional 7,955 shares in the last quarter. Finally, Waverly Advisors LLC raised its stake in shares of Ellsworth Growth and Income Fund by 3.2% in the first quarter. Waverly Advisors LLC now owns 42,499 shares of the investment management company's stock worth $474,000 after purchasing an additional 1,300 shares during the last quarter. 35.88% of the stock is currently owned by hedge funds and other 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.
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