Insider Buying: Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Major Shareholder Acquires 1,547 Shares of Stock

Key Points

• Saba Capital Management purchased 1,547 ECF shares at an average price of $12.52, increasing its direct ownership to 1,605,820 shares; it also bought 5,742 additional shares the following day.
• ECF shares fell 0.8% to $12.43, trading below the 50-day average of $12.74 but above the 12-month low of $10.70.
• Ellsworth Growth and Income Fund raised its quarterly dividend to $0.22 per share, equivalent to $0.88 annually and a 7.1% yield.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 1,547 shares of the company's stock in a transaction on Thursday, August 20th. The stock was acquired at an average price of $12.52 per share, for a total transaction of $19,368.44. Following the purchase, the insider directly owned 1,605,820 shares of the company's stock, valued at approximately $20,104,866.40. This trade represents a 0.10% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Large shareholders that own more than 10% of a company's shares are required to disclose their transactions with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Friday, August 21st, Saba Capital Management, L.P. bought 5,742 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average price of $12.53 per share, with a total value of $71,947.26.

Ellsworth Growth and Income Fund Stock Down 0.8%

Shares of ECF stock traded down $0.10 during trading on Monday, reaching $12.43. 5,069 shares of the company's stock were exchanged, compared to its average volume of 31,034. Ellsworth Growth and Income Fund Ltd. has a twelve month low of $10.70 and a twelve month high of $13.85. The firm's fifty day moving average price is $12.74 and its 200-day moving average price is $12.38.

Ellsworth Growth and Income Fund Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th will be issued a $0.22 dividend. This is an increase from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19. This represents a $0.88 annualized dividend and a dividend yield of 7.1%. The ex-dividend date is Wednesday, September 16th.

Institutional Trading of Ellsworth Growth and Income Fund

A number of hedge funds have recently modified their holdings of ECF. Advisors Asset Management Inc. grew its holdings in Ellsworth Growth and Income Fund by 72.9% in the 4th quarter. Advisors Asset Management Inc. now owns 393,918 shares of the investment management company's stock valued at $4,581,000 after buying an additional 166,043 shares in the last quarter. Pathstone Holdings LLC lifted its holdings in shares of Ellsworth Growth and Income Fund by 42.0% during the third quarter. Pathstone Holdings LLC now owns 390,077 shares of the investment management company's stock worth $4,525,000 after buying an additional 115,441 shares in the last quarter. Capstone Investment Advisors LLC bought a new stake in shares of Ellsworth Growth and Income Fund in the second quarter valued at about $1,076,000. Evolve Private Wealth LLC bought a new stake in shares of Ellsworth Growth and Income Fund in the fourth quarter valued at about $811,000. Finally, Saba Capital Management L.P. grew its stake in shares of Ellsworth Growth and Income Fund by 2.8% in the fourth quarter. Saba Capital Management L.P. now owns 1,680,620 shares of the investment management company's stock valued at $19,546,000 after acquiring an additional 45,368 shares in the last quarter. Institutional investors and hedge funds own 35.88% of the company's stock.

Ellsworth Growth and Income Fund Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source