Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Shares Pass Above 50 Day Moving Average - Time to Sell?

Key Points

• Shares crossed above the 50-day moving average: ECF moved above its 50-day MA of $11.65, trading as high as $12.48 and last at $12.37 on light volume, a short-term technical bullish signal.
• Dividend now $0.19 quarterly (~6.1% yield): The fund paid a $0.19 quarterly dividend (annualized $0.76) — the report flags this as a reduction from prior levels.
• Insider selling amid institutional buying: Major holder Saba Capital sold 14,591 shares (part of 76,347 insider shares sold last quarter), while institutional ownership is ~35.88% and several institutions reported increasing positions.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) shares passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $11.65 and traded as high as $12.48. Ellsworth Growth and Income Fund shares last traded at $12.37, with a volume of 13,089 shares changing hands.

Ellsworth Growth and Income Fund Price Performance

The stock has a 50-day simple moving average of $11.65 and a 200-day simple moving average of $11.89.

Ellsworth Growth and Income Fund Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 24th. Shareholders of record on Tuesday, March 17th were given a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a dividend yield of 6.1%. The ex-dividend date of this dividend was Tuesday, March 17th.

Insider Activity

In related news, major shareholder Saba Capital Management, L.P. sold 14,591 shares of the company's stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $12.16, for a total transaction of $177,426.56. Following the sale, the insider directly owned 1,604,273 shares of the company's stock, valued at approximately $19,507,959.68. This represents a 0.90% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders sold 76,347 shares of company stock worth $923,828. Corporate insiders own 0.46% of the company's stock.

Institutional Investors Weigh In On Ellsworth Growth and Income Fund

Institutional investors and hedge funds have recently made changes to their positions in the company. Advisors Asset Management Inc. raised its position in shares of Ellsworth Growth and Income Fund by 33.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 227,875 shares of the investment management company's stock valued at $2,643,000 after acquiring an additional 57,520 shares in the last quarter. Uhlmann Price Securities LLC raised its position in shares of 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 valued at $787,000 after acquiring an additional 1,157 shares in the last quarter. Blue Bell Private Wealth Management LLC raised its position in shares of Ellsworth Growth and Income Fund by 15.4% during the 3rd quarter. Blue Bell Private Wealth Management LLC now owns 185,809 shares of the investment management company's stock valued at $2,155,000 after acquiring an additional 24,777 shares in the last quarter. Commonwealth Equity Services LLC raised its position in shares of Ellsworth Growth and Income Fund by 68.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 32,592 shares of the investment management company's stock valued at $379,000 after acquiring an additional 13,199 shares in the last quarter. Finally, LPL Financial LLC raised 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. 35.88% of the stock is owned by institutional investors and hedge funds.

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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