Bancroft Fund (NYSE:BCV) Stock Price Up 0.9% - Still a Buy?

Key Points

• Bancroft Fund Ltd. (NYSE:BCV) stock increased by 0.9% to approximately $21.85, with trading volume substantially above average at 50,779 shares.
• The company recently declared a quarterly dividend of $0.32 per share, yielding an annualized rate of 5.9%.
• Institutional investors have shown significant interest, with 22.43% of shares now held by hedge funds and multiple firms increasing their stakes in the past quarter.

Bancroft Fund Ltd. (NYSE:BCV - ) traded up 0.9% during trading on Tuesday . The company traded as high as $22.05 and last traded at $21.85. 50,779 shares changed hands during mid-day trading, an increase of 135% from the average session volume of 21,621 shares. The stock had previously closed at $21.66.

Bancroft Fund Stock Performance

The firm has a 50 day simple moving average of $20.68 and a two-hundred day simple moving average of $18.82.

Bancroft Fund Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Investors of record on Tuesday, September 16th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 5.9%. The ex-dividend date of this dividend was Tuesday, September 16th.

Institutional Investors Weigh In On Bancroft Fund

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Laurel Wealth Advisors LLC lifted its position in shares of Bancroft Fund by 1,790.0% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 3,780 shares of the company's stock worth $71,000 after buying an additional 3,580 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Bancroft Fund during the second quarter worth $136,000. Osaic Holdings Inc. boosted its position in Bancroft Fund by 95.8% in the second quarter. Osaic Holdings Inc. now owns 8,415 shares of the company's stock worth $159,000 after purchasing an additional 4,118 shares during the last quarter. Invesco Ltd. bought a new position in Bancroft Fund in the 1st quarter valued at $228,000. Finally, Wolverine Asset Management LLC purchased a new stake in shares of Bancroft Fund during the 2nd quarter valued at $239,000. Hedge funds and other institutional investors own 22.43% of the company's stock.

About Bancroft Fund

Bancroft Fund Ltd. is a closed-ended equity mutual fund launched by GAMCO Investors, Inc It is managed by Gabelli Funds, LLC. The fund invests in the public equity markets. It primarily invests in convertible securities including convertible debt and convertible preferred stocks. The fund invests in stocks of companies across market capitalization.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.