Bancroft Fund Limited $BCV Shares Newly Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 100,823 shares of Bancroft Fund in the second quarter, valued at approximately $2.62 million and representing about 1.73% of the fund.
• Several other institutional investors also initiated or increased positions, bringing institutional ownership of Bancroft Fund to 22.43%.
• Bancroft Fund raised its quarterly dividend to $0.41 per share, equivalent to an annualized $1.64 dividend and a 7.1% yield; shares recently opened at $23.08.

Bank of America Corp DE purchased a new stake in shares of Bancroft Fund Limited (NYSEAMERICAN:BCV - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 100,823 shares of the financial services provider's stock, valued at approximately $2,620,000. Bank of America Corp DE owned about 1.73% of Bancroft Fund as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Beckerman Institutional LLC bought a new stake in Bancroft Fund during the 2nd quarter worth approximately $1,894,000. Allworth Financial LP purchased a new stake in shares of Bancroft Fund in the second quarter worth $26,000. Evolve Private Wealth LLC bought a new stake in shares of Bancroft Fund during the 2nd quarter valued at $524,000. Royal Bank of Canada raised its position in shares of Bancroft Fund by 2.1% during the 1st quarter. Royal Bank of Canada now owns 36,148 shares of the financial services provider's stock valued at $779,000 after purchasing an additional 729 shares during the period. Finally, First Trust Advisors LP lifted its stake in shares of Bancroft Fund by 114.4% during the 1st quarter. First Trust Advisors LP now owns 25,913 shares of the financial services provider's stock valued at $558,000 after buying an additional 13,827 shares in the last quarter. Institutional investors own 22.43% of the company's stock.

Bancroft Fund Stock Up 0.1%

Shares of Bancroft Fund stock opened at $23.08 on Thursday. The company has a fifty day moving average of $24.35 and a 200 day moving average of $24.38. Bancroft Fund Limited has a fifty-two week low of $21.06 and a fifty-two week high of $27.33.

Bancroft Fund Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th were issued a $0.41 dividend. The ex-dividend date of this dividend was Wednesday, September 16th. This represents a $1.64 dividend on an annualized basis and a yield of 7.1%. This is a boost from Bancroft Fund's previous quarterly dividend of $0.35.

Bancroft Fund Profile

Bancroft Fund NYSEAMERICAN: BCV is a diversified closed-end investment company that seeks to provide investors with current income and long-term capital appreciation. The fund invests primarily in convertible securities, which may offer income characteristics associated with bonds and potential participation in the performance of the underlying equity securities.

In addition to convertible securities, Bancroft Fund may invest in common stocks and other equity-related investments. Its portfolio is actively managed across companies and industries, with the goal of balancing income generation and capital-growth opportunities.

The fund is advised by Advent Capital Management, LLC, an investment manager specializing in convertible and related securities.

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