Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF) Sees Large Decline in Short Interest

Key Points

• Short interest plunged 52.9% to 16,864 shares as of Feb. 27 (about 0.1% of shares), leaving a days-to-cover ratio of roughly 0.5 days.
• The fund declared a quarterly dividend of $0.19 per share (annualized $0.76) implying a 6.6% yield; the ex-dividend date is Mar. 17 and the payment date is Mar. 24.
• Major shareholder Saba Capital sold 14,591 shares on Feb. 18, insiders have sold 76,347 shares in the past 90 days (insiders now own ~0.54%), and institutional investors hold about 35.88% of the stock.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) was the recipient of a large drop in short interest during the month of February. As of February 27th, there was short interest totaling 16,864 shares, a drop of 52.9% from the February 12th total of 35,777 shares. Approximately 0.1% of the company's shares are sold short. Based on an average daily volume of 35,420 shares, the days-to-cover ratio is currently 0.5 days. Based on an average daily volume of 35,420 shares, the days-to-cover ratio is currently 0.5 days. Approximately 0.1% of the company's shares are sold short.

Ellsworth Growth and Income Fund Price Performance

Shares of ECF traded down $0.08 during trading on Thursday, reaching $11.43. 43,000 shares of the company traded hands, compared to its average volume of 33,820. The stock has a 50-day simple moving average of $12.06 and a 200-day simple moving average of $11.86. Ellsworth Growth and Income Fund has a twelve month low of $8.15 and a twelve month high of $12.65.

Ellsworth Growth and Income Fund Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th will be paid a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 6.6%. The ex-dividend date is Tuesday, March 17th.

Insider Transactions at Ellsworth Growth and Income Fund

In other Ellsworth Growth and Income Fund news, major shareholder Saba Capital Management, L.P. sold 14,591 shares of the company's stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $12.16, for a total value of $177,426.56. Following the transaction, the insider owned 1,604,273 shares of the company's stock, valued at $19,507,959.68. This represents a 0.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last 90 days, insiders have sold 76,347 shares of company stock valued at $923,828. 0.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ellsworth Growth and Income Fund

Several institutional investors and hedge funds have recently modified their holdings of the company. K2 Principal Fund L.P. boosted its holdings in Ellsworth Growth and Income Fund by 3.5% during the 4th quarter. K2 Principal Fund L.P. now owns 24,619 shares of the investment management company's stock valued at $286,000 after acquiring an additional 834 shares during the period. Raymond James Financial Inc. increased its position in shares of Ellsworth Growth and Income Fund by 1.3% during the third quarter. Raymond James Financial Inc. now owns 80,538 shares of the investment management company's stock worth $934,000 after acquiring an additional 996 shares during the period. Uhlmann Price Securities LLC grew its stake in Ellsworth Growth and Income Fund by 1.7% during the 3rd quarter. Uhlmann Price Securities LLC now owns 67,837 shares of the investment management company's stock worth $787,000 after purchasing an additional 1,157 shares in the last quarter. Baird Financial Group Inc. grew its stake in Ellsworth Growth and Income Fund by 1.0% during the 2nd quarter. Baird Financial Group Inc. now owns 145,155 shares of the investment management company's stock worth $1,488,000 after purchasing an additional 1,475 shares in the last quarter. Finally, Osaic Holdings Inc. increased its holdings in Ellsworth Growth and Income Fund by 11.1% during the 2nd quarter. Osaic Holdings Inc. now owns 15,356 shares of the investment management company's stock worth $157,000 after purchasing an additional 1,535 shares during the period. Hedge funds and other institutional investors own 35.88% of the company's stock.

About Ellsworth Growth and Income Fund

Ellsworth Growth and Income Fund NYSEAMERICAN: ECF is a closed-end management investment company that seeks to provide investors with a combination of capital appreciation and current income. The fund pursues its objectives by investing primarily in a diversified portfolio of common stocks of U.S. companies that pay dividends and exhibit long-term growth potential. To complement its equity holdings, the fund may also invest in preferred stocks, convertible securities and other income-oriented instruments.

ECF's investment strategy emphasizes a disciplined, research-driven approach.

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