Key Points
- Saba Capital Management bought 7,747 ECF shares at an average of $11.34 each, spending about $87,851. After the purchase, it held 1,821,810 shares, and the article notes several other purchases by the firm in recent weeks.
- Ellsworth Growth and Income Fund raised its quarterly dividend from $0.19 to $0.22 per share, equivalent to an annualized $0.88 and a reported yield of 7.7%.
- ECF shares rose 0.6% to $11.37 in Friday trading. The fund’s 52-week range was $10.70–$13.85, and institutional investors owned 35.88% of shares.
Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. purchased 7,747 shares of the stock in a transaction on Thursday, November 5th. The shares were acquired at an average cost of $11.34 per share, with a total value of $87,850.98. Following the transaction, the insider directly owned 1,821,810 shares in the company, valued at $20,659,325.40. The trade was a 0.43% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Large shareholders that own at least 10% of a company's shares are required to disclose their transactions with the SEC.
Saba Capital Management, L.P. also recently made the following trade(s):
- On Friday, October 30th, Saba Capital Management, L.P. acquired 11,565 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average price of $11.77 per share, with a total value of $136,120.05.
- On Thursday, October 29th, Saba Capital Management, L.P. acquired 5,975 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average price of $11.87 per share, with a total value of $70,923.25.
- On Wednesday, October 28th, Saba Capital Management, L.P. acquired 1,050 shares of Ellsworth Growth and Income Fund stock. The stock was acquired 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. bought 400 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average cost 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 shares were acquired 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. bought 2,600 shares of Ellsworth Growth and Income Fund stock. The shares were 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. purchased 1,830 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average cost of $11.39 per share, with a total value 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 price of $11.47 per share, for a total transaction 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 price of $11.65 per share, for a total transaction 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 shares were bought at an average cost of $11.62 per share, for a total transaction of $115,839.78.
Ellsworth Growth and Income Fund Stock Up 0.6%
Ellsworth Growth and Income Fund stock traded up $0.07 during mid-day trading on Friday, reaching $11.37. 20,261 shares of the company traded hands, compared to its average volume of 37,990. Ellsworth Growth and Income Fund Ltd. has a 52-week low of $10.70 and a 52-week high of $13.85. The firm's 50 day moving average price is $11.95 and its 200 day moving average price is $12.27.
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. The ex-dividend date of this dividend 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 dividend on an annualized basis and a yield of 7.7%.
Institutional Inflows and Outflows
Large investors have recently bought and sold shares of the company. Uhlmann Price Securities LLC raised its stake in shares of Ellsworth Growth and Income Fund by 3.4% in the third quarter. Uhlmann Price Securities LLC now owns 76,389 shares of the investment management company's stock worth $895,000 after buying an additional 2,501 shares during the period. Blue Bell Private Wealth Management LLC grew its stake in shares of Ellsworth Growth and Income Fund by 19.2% during 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 during the period. Readystate Asset Management LP bought a new position in shares of Ellsworth Growth and Income Fund during the 2nd quarter valued at approximately $154,000. Ruggaard & Associates LLC purchased a new stake in Ellsworth Growth and Income Fund in the 2nd quarter worth approximately $248,000. Finally, Capstone Investment Advisors LLC purchased a new stake in Ellsworth Growth and Income Fund in the 2nd quarter worth approximately $1,076,000. 35.88% of the stock is 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.
Recommended Stories
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].
