Advisors Asset Management Inc. Sells 107,123 Shares of Ellsworth Growth and Income Fund Ltd. $ECF

Key Points

• Advisors Asset Management Inc. has reduced its position in Ellsworth Growth and Income Fund by 29.0%, now holding approximately $2.38 million worth of shares.
• The Ellsworth Growth and Income Fund has announced a quarterly dividend of $0.16, with an annualized yield of 5.8%, set to be paid on September 23rd.
• Insider activity includes a purchase by major shareholder Saba Capital Management of 8,031 shares, increasing their stake by 0.49%.

Advisors Asset Management Inc. lowered its position in Ellsworth Growth and Income Fund Ltd. (NYSE:ECF - Free Report) by 29.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 261,766 shares of the company's stock after selling 107,123 shares during the quarter. Advisors Asset Management Inc. owned approximately 1.91% of Ellsworth Growth and Income Fund worth $2,377,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Sit Investment Associates Inc. lifted its holdings in shares of Ellsworth Growth and Income Fund by 49.4% in the 1st quarter. Sit Investment Associates Inc. now owns 475,568 shares of the company's stock worth $4,318,000 after buying an additional 157,283 shares during the period. Blue Bell Private Wealth Management LLC raised its holdings in shares of Ellsworth Growth and Income Fund by 9.1% in the first quarter. Blue Bell Private Wealth Management LLC now owns 150,961 shares of the company's stock valued at $1,371,000 after acquiring an additional 12,653 shares in the last quarter. Shaker Financial Services LLC raised its holdings in shares of Ellsworth Growth and Income Fund by 33.1% in the first quarter. Shaker Financial Services LLC now owns 141,706 shares of the company's stock valued at $1,287,000 after acquiring an additional 35,255 shares in the last quarter. Invesco Ltd. lifted its stake in Ellsworth Growth and Income Fund by 25.5% in the first quarter. Invesco Ltd. now owns 122,838 shares of the company's stock worth $1,115,000 after acquiring an additional 24,994 shares during the period. Finally, Wolverine Asset Management LLC bought a new position in Ellsworth Growth and Income Fund during the 1st quarter worth about $427,000. 35.88% of the stock is currently owned by hedge funds and other institutional investors.

Ellsworth Growth and Income Fund Trading Up 0.5%

NYSE ECF traded up $0.06 during trading on Friday, reaching $11.56. 23,461 shares of the company's stock traded hands, compared to its average volume of 38,254. The company's 50 day simple moving average is $10.73 and its two-hundred day simple moving average is $9.89. Ellsworth Growth and Income Fund Ltd. has a 12-month low of $8.15 and a 12-month high of $11.60.

Ellsworth Growth and Income Fund Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 23rd. Investors of record on Tuesday, September 16th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Tuesday, September 16th. This represents a $0.64 dividend on an annualized basis and a yield of 5.5%.

Insiders Place Their Bets

In related news, major shareholder Saba Capital Management, L.P. bought 8,031 shares of the company's stock in a transaction on Tuesday, August 19th. The shares were acquired at an average price of $10.69 per share, with a total value of $85,851.39. Following the transaction, the insider owned 1,635,252 shares of the company's stock, valued at $17,480,843.88. The trade was a 0.49% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.54% of the stock is currently owned by corporate insiders.

Ellsworth Growth and Income Fund Profile

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