Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF) Short Interest Down 23.1% in March

Key Points

• Short interest down 23.1% — Short interest fell to 12,973 shares as of March 13, a 23.1% decline from Feb. 26, equal to about 0.1% of shares outstanding and a days-to-cover ratio of 0.4.
• Major shareholder Saba Capital sold 14,591 shares on Feb. 18, trimming its stake to 1,604,273 shares, and insiders have sold 76,347 shares over the past 90 days, indicating recent insider selling activity.
• The fund paid a $0.19 quarterly dividend (annualized $0.76) for a 7.0% yield, while shares recently opened at $10.82 and trade in a 12‑month range of $8.15 to $12.65.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) was the target of a significant drop in short interest in March. As of March 13th, there was short interest totaling 12,973 shares, a drop of 23.1% from the February 26th total of 16,864 shares. Based on an average daily trading volume, of 35,290 shares, the days-to-cover ratio is presently 0.4 days. Currently, 0.1% of the shares of the company are sold short.

Insiders Place Their Bets

In related news, major shareholder Saba Capital Management, L.P. sold 14,591 shares of the business's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $12.16, for a total transaction of $177,426.56. Following the transaction, the insider directly owned 1,604,273 shares in the company, valued at $19,507,959.68. The trade was a 0.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold 76,347 shares of company stock worth $923,828 over the last 90 days. 0.54% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ellsworth Growth and Income Fund

A number of institutional investors have recently bought and sold shares of ECF. Gilpin Wealth Management LLC bought a new stake in Ellsworth Growth and Income Fund in the 4th quarter valued at $47,000. Osaic Holdings Inc. lifted its holdings in shares of 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 acquiring an additional 1,535 shares during the period. PMG Family Office LLC bought a new position in shares of Ellsworth Growth and Income Fund during the 3rd quarter worth about $212,000. LPL Financial LLC boosted its position in shares of Ellsworth Growth and Income Fund by 27.7% during the 4th quarter. LPL Financial LLC now owns 23,308 shares of the investment management company's stock valued at $271,000 after acquiring an additional 5,051 shares in the last quarter. Finally, K2 Principal Fund L.P. boosted its position in shares of 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 in the last quarter. Institutional investors and hedge funds own 35.88% of the company's stock.

Ellsworth Growth and Income Fund Trading Down 2.1%

Shares of ECF stock opened at $10.82 on Friday. The stock has a 50 day moving average of $11.88 and a two-hundred day moving average of $11.88. Ellsworth Growth and Income Fund has a 12 month low of $8.15 and a 12 month high of $12.65.

Ellsworth Growth and Income Fund Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 24th. Investors of record on Tuesday, March 17th were paid a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 7.0%. The ex-dividend date was Tuesday, March 17th.

Ellsworth Growth and Income Fund Company Profile

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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