Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Major Shareholder Saba Capital Management, L.P. Buys 5,742 Shares

Key Points

• Saba Capital Management purchased 5,742 ECF shares for approximately $71,947, increasing its holdings to 1,611,562 shares, or about $20.2 million in value.
• Ellsworth Growth and Income Fund shares fell 0.8% to $12.43, while trading volume remained below the stock’s average.
• The fund raised its quarterly dividend to $0.22 per share from $0.19, implying an annualized payout of $0.88 and a 7.1% yield.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. bought 5,742 shares of the company's stock in a transaction on Friday, August 21st. The stock was bought at an average cost of $12.53 per share, for a total transaction of $71,947.26. Following the completion of the acquisition, the insider directly owned 1,611,562 shares of the company's stock, valued at approximately $20,192,871.86. This represents a 0.36% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own more than 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 Thursday, August 20th, Saba Capital Management, L.P. acquired 1,547 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average cost of $12.52 per share, for a total transaction of $19,368.44.

Ellsworth Growth and Income Fund Trading Down 0.8%

Shares of NYSEAMERICAN:ECF traded down $0.10 during midday trading on Monday, reaching $12.43. 5,069 shares of the company's stock traded hands, compared to its average volume of 31,034. The stock has a 50 day moving average of $12.74 and a 200 day moving average of $12.38. Ellsworth Growth and Income Fund Ltd. has a one year low of $10.70 and a one year high of $13.85.

Ellsworth Growth and Income Fund Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 16th will be issued a dividend of $0.22 per share. This is a positive change from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.88 annualized dividend and a dividend yield of 7.1%.

Institutional Trading of Ellsworth Growth and Income Fund

Hedge funds have recently added to or reduced their stakes in the business. Global Retirement Partners LLC bought a new position in shares of Ellsworth Growth and Income Fund in the 2nd quarter worth $28,000. Gilpin Wealth Management LLC purchased a new position in Ellsworth Growth and Income Fund in the fourth quarter valued at about $47,000. Readystate Asset Management LP bought a new position in Ellsworth Growth and Income Fund in the second quarter worth about $154,000. Osaic Holdings Inc. lifted its position in shares of Ellsworth Growth and Income Fund by 11.1% during the second quarter. Osaic Holdings Inc. now owns 15,356 shares of the investment management company's stock valued at $157,000 after buying an additional 1,535 shares during the last quarter. Finally, Beckerman Institutional LLC purchased a new stake in shares of Ellsworth Growth and Income Fund during the second quarter valued at about $169,000. 35.88% of the stock is owned by hedge funds and other institutional investors.

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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