Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Major Shareholder Saba Capital Management, L.P. Acquires 16,347 Shares of Stock

Key Points

• Saba Capital Management purchased 16,347 ECF shares at an average price of $11.65, spending approximately $190,443. Following the transaction, it owned 1,770,946 shares valued at about $20.6 million.
• Saba has made multiple additional purchases in recent weeks, reflecting continued accumulation of Ellsworth Growth and Income Fund stock.
• ECF recently increased its quarterly dividend to $0.22 per share, equivalent to an annualized $0.88 payout and a 7.7% yield; the stock was trading near $11.45.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. purchased 16,347 shares of the company's stock in a transaction dated Friday, October 16th. The shares were acquired at an average cost of $11.65 per share, for a total transaction of $190,442.55. Following the transaction, the insider owned 1,770,946 shares of the company's stock, valued at $20,631,520.90. This trade represents a 0.93% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own more than 10% of a company's stock are required to disclose their sales and purchases with the SEC.

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

• On Monday, October 19th, Saba Capital Management, L.P. bought 17,079 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average price of $11.47 per share, with a total value of $195,896.13.
• On Thursday, October 15th, Saba Capital Management, L.P. acquired 9,969 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average cost of $11.62 per share, with a total value of $115,839.78.
• On Wednesday, October 14th, Saba Capital Management, L.P. purchased 56,083 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average cost of $11.74 per share, with a total value of $658,414.42.
• On Monday, October 12th, Saba Capital Management, L.P. bought 14,600 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average cost of $12.03 per share, with a total value of $175,638.00.
• On Thursday, October 8th, Saba Capital Management, L.P. acquired 27,937 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $11.95 per share, with a total value of $333,847.15.
• On Wednesday, October 7th, Saba Capital Management, L.P. bought 17,548 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average price of $11.97 per share, for a total transaction of $210,049.56.
• On Friday, September 4th, Saba Capital Management, L.P. purchased 6,800 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average price of $12.36 per share, with a total value of $84,048.00.
• On Thursday, September 3rd, Saba Capital Management, L.P. bought 5,000 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average cost of $12.25 per share, with a total value of $61,250.00.
• On Friday, August 28th, Saba Capital Management, L.P. acquired 1,200 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average price of $12.47 per share, for a total transaction of $14,964.00.
• On Thursday, August 27th, Saba Capital Management, L.P. purchased 3,900 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average cost of $12.49 per share, for a total transaction of $48,711.00.

Ellsworth Growth and Income Fund Price Performance

Shares of ECF traded down $0.01 during trading hours on Tuesday, hitting $11.45. The company had a trading volume of 25,436 shares, compared to its average volume of 33,059. Ellsworth Growth and Income Fund Ltd. has a 12 month low of $10.70 and a 12 month high of $13.85. The business has a fifty day moving average of $12.25 and a 200-day moving average of $12.51.

Ellsworth Growth and Income 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 given a dividend of $0.22 per share. This is a positive change from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19. This represents a $0.88 dividend on an annualized basis and a yield of 7.7%. The ex-dividend date of this dividend was Wednesday, September 16th.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ECF. Readystate Asset Management LP acquired a new position in Ellsworth Growth and Income Fund during the second quarter worth about $154,000. Ruggaard & Associates LLC acquired a new position in Ellsworth Growth and Income Fund during the 2nd quarter worth approximately $248,000. Capstone Investment Advisors LLC bought a new position in Ellsworth Growth and Income Fund in the 2nd quarter valued at approximately $1,076,000. Evolve Private Wealth LLC bought a new position in Ellsworth Growth and Income Fund in the 2nd quarter valued at approximately $875,000. Finally, Beckerman Institutional LLC acquired a new stake in Ellsworth Growth and Income Fund in the second quarter valued at approximately $169,000. 35.88% of the stock is owned by institutional investors.

Ellsworth Growth and Income Fund Company Profile

Ellsworth Growth and Income Fund, Inc is a closed-end management investment company listed on the NYSE American under the symbol ECF. The fund seeks to provide investors with current income and long-term capital appreciation through a professionally managed portfolio of securities.

The fund invests primarily in convertible securities, including convertible bonds and preferred stocks, as well as common stocks and other income-producing investments. Convertible securities may provide regular income while also offering the potential to participate in the appreciation of the underlying companies' common shares.

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