Saba Capital Management L.P. Sells 83,815 Shares of Bancroft Fund Limited $BCV

Key Points

• Saba Capital Management reduced its Bancroft Fund position by 23.2%, selling 83,815 shares during the first quarter and retaining 277,479 shares, or approximately 4.77% of BCV.
• Other institutional investors largely increased their holdings, while institutional investors and hedge funds collectively owned 22.43% of Bancroft Fund.
• BCV opened at $23.92, between its 52-week range of $19.39 to $27.33, and recently paid a quarterly dividend of $0.35, equivalent to a 5.9% annualized yield.

Saba Capital Management L.P. cut its position in Bancroft Fund Limited (NYSEAMERICAN:BCV - Free Report) by 23.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 277,479 shares of the financial services provider's stock after selling 83,815 shares during the quarter. Saba Capital Management L.P. owned about 4.77% of Bancroft Fund worth $5,977,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank of America Corp DE grew its position in shares of Bancroft Fund by 25,710.4% during the 3rd quarter. Bank of America Corp DE now owns 99,628 shares of the financial services provider's stock worth $2,180,000 after purchasing an additional 99,242 shares in the last quarter. Pathstone Holdings LLC raised its position in shares of Bancroft Fund by 245.0% in the third quarter. Pathstone Holdings LLC now owns 99,665 shares of the financial services provider's stock valued at $2,181,000 after buying an additional 70,776 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Bancroft Fund by 32.8% in the second quarter. Ameriprise Financial Inc. now owns 285,799 shares of the financial services provider's stock valued at $5,403,000 after buying an additional 70,606 shares in the last quarter. Verition Fund Management LLC bought a new stake in shares of Bancroft Fund in the third quarter valued at approximately $699,000. Finally, Guggenheim Capital LLC boosted its stake in shares of Bancroft Fund by 30.5% in the fourth quarter. Guggenheim Capital LLC now owns 97,301 shares of the financial services provider's stock valued at $2,150,000 after buying an additional 22,717 shares during the period. 22.43% of the stock is owned by institutional investors and hedge funds.

Bancroft Fund Price Performance

Shares of NYSEAMERICAN:BCV opened at $23.92 on Tuesday. The business's 50 day simple moving average is $25.37 and its 200 day simple moving average is $24.02. Bancroft Fund Limited has a 1 year low of $19.39 and a 1 year high of $27.33.

Bancroft Fund Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 23rd. Investors of record on Monday, June 15th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date of this dividend was Monday, June 15th.

Bancroft Fund Company Profile

Bancroft Fund, Inc (NYSE American: BCV) is a closed-end management investment company that seeks long-term growth of capital. Shares of the Fund trade on the NYSE American exchange, providing investors with access to a diversified portfolio of U.S. equity securities under a closed-end structure. The Fund's board of directors oversees a disciplined investment process governed by a stated strategy and risk parameters.

The Fund's primary investment objective is capital appreciation. To pursue this goal, Bancroft Fund allocates at least 80% of its total assets to equity securities of U.S.

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