Shaker Financial Services LLC Acquires 35,255 Shares of Ellsworth Growth and Income Fund Ltd. (NYSE:ECF)

Key Points

• Shaker Financial Services LLC increased its holdings in the Ellsworth Growth and Income Fund by 33.1%, acquiring an additional 35,255 shares, bringing its total ownership to about $1.29 million.
• The Ellsworth Growth and Income Fund recently raised its quarterly dividend from $0.13 to $0.16, reflecting a 6.1% yield for shareholders.
• Institutional investors hold 35.88% of the Ellsworth Growth and Income Fund, with several funds significantly increasing their stakes in recent months.

Shaker Financial Services LLC raised its holdings in shares of Ellsworth Growth and Income Fund Ltd. (NYSE:ECF - Free Report) by 33.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 141,706 shares of the company's stock after acquiring an additional 35,255 shares during the quarter. Shaker Financial Services LLC owned approximately 1.04% of Ellsworth Growth and Income Fund worth $1,287,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in ECF. Bulldog Investors LLP grew its stake in shares of Ellsworth Growth and Income Fund by 238.2% in the fourth quarter. Bulldog Investors LLP now owns 314,426 shares of the company's stock valued at $3,045,000 after buying an additional 221,447 shares in the last quarter. Sit Investment Associates Inc. grew its stake in shares of Ellsworth Growth and Income Fund by 161.5% in the fourth quarter. Sit Investment Associates Inc. now owns 318,285 shares of the company's stock valued at $3,084,000 after buying an additional 196,567 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Ellsworth Growth and Income Fund in the fourth quarter valued at $881,000. Capstone Investment Advisors LLC grew its stake in shares of Ellsworth Growth and Income Fund by 179.8% in the fourth quarter. Capstone Investment Advisors LLC now owns 79,774 shares of the company's stock valued at $773,000 after buying an additional 51,262 shares in the last quarter. Finally, Waverly Advisors LLC bought a new position in shares of Ellsworth Growth and Income Fund in the fourth quarter valued at $430,000. 35.88% of the stock is owned by institutional investors.

Ellsworth Growth and Income Fund Price Performance

Shares of NYSE:ECF traded down $0.04 during midday trading on Friday, hitting $10.57. The stock had a trading volume of 23,304 shares, compared to its average volume of 39,254. Ellsworth Growth and Income Fund Ltd. has a 12 month low of $8.15 and a 12 month high of $10.72. The business's 50-day simple moving average is $10.27 and its 200-day simple moving average is $9.72.

Ellsworth Growth and Income Fund Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 13th were paid a $0.16 dividend. This is a boost from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.13. This represents a $0.64 annualized dividend and a dividend yield of 6.1%. The ex-dividend date of this dividend was Friday, June 13th.

About Ellsworth Growth and Income Fund

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.