Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Major Shareholder Saba Capital Management, L.P. Buys 1,050 Shares of Stock

Key Points

• Saba Capital Management purchased 1,050 ECF shares at $11.75 each, increasing its position by 0.06% to 1,796,523 shares valued at approximately $21.1 million.
• The major shareholder has made a series of additional purchases in October, including more than 56,000 shares on October 14 and nearly 28,000 shares on October 8.
• ECF recently raised its quarterly dividend to $0.22 from $0.19, equivalent to an annualized $0.88 payout and a 7.4% yield; the stock recently traded at $11.89.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 1,050 shares of the firm's stock in a transaction on Wednesday, October 28th. The stock was purchased at an average price of $11.75 per share, for a total transaction of $12,337.50. Following the transaction, the insider directly owned 1,796,523 shares of the company's stock, valued at approximately $21,109,145.25. This trade represents a 0.06% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Major shareholders that own at least 10% of a company's stock are required to disclose their transactions with the SEC.

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

• On Tuesday, October 27th, Saba Capital Management, L.P. bought 400 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average price of $11.63 per share, with a total value of $4,652.00.
• On Monday, October 26th, Saba Capital Management, L.P. bought 2,618 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average cost of $11.43 per share, for a total transaction of $29,923.74.
• On Wednesday, October 21st, Saba Capital Management, L.P. purchased 2,600 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average price of $11.58 per share, for a total transaction of $30,108.00.
• On Tuesday, October 20th, Saba Capital Management, L.P. purchased 1,830 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average price of $11.39 per share, for a total transaction of $20,843.70.
• On Monday, October 19th, Saba Capital Management, L.P. purchased 17,079 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average cost of $11.47 per share, with a total value of $195,896.13.
• On Friday, October 16th, Saba Capital Management, L.P. acquired 16,347 shares of Ellsworth Growth and Income Fund stock. The stock was acquired at an average price of $11.65 per share, with a total value of $190,442.55.
• On Thursday, October 15th, Saba Capital Management, L.P. bought 9,969 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average cost of $11.62 per share, for a total transaction of $115,839.78.
• On Wednesday, October 14th, Saba Capital Management, L.P. bought 56,083 shares of Ellsworth Growth and Income Fund stock. The shares were acquired at an average price of $11.74 per share, with a total value of $658,414.42.
• On Monday, October 12th, Saba Capital Management, L.P. purchased 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. purchased 27,937 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $11.95 per share, with a total value of $333,847.15.

Ellsworth Growth and Income Fund Stock Performance

ECF traded up $0.07 on Thursday, hitting $11.89. The company had a trading volume of 10,080 shares, compared to its average volume of 32,420. The stock has a fifty day simple moving average of $12.08 and a 200-day simple moving average of $12.30. Ellsworth Growth and Income Fund Ltd. has a 52-week low of $10.70 and a 52-week high of $13.85.

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 paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 7.4%. The ex-dividend date was Wednesday, September 16th. This is a positive change from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19.

Hedge Funds Weigh In On Ellsworth Growth and Income Fund

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Capstone Investment Advisors LLC purchased a new stake in shares of Ellsworth Growth and Income Fund in the second quarter worth $1,076,000. Evolve Private Wealth LLC purchased a new stake in Ellsworth Growth and Income Fund in the 2nd quarter worth $875,000. K2 Principal Fund L.P. purchased a new stake in Ellsworth Growth and Income Fund in the 2nd quarter worth $325,000. Ruggaard & Associates LLC bought a new position in shares of Ellsworth Growth and Income Fund in the second quarter worth about $248,000. Finally, Beckerman Institutional LLC bought a new position in shares of Ellsworth Growth and Income Fund in the second quarter worth about $169,000. Institutional investors own 35.88% of the company's stock.

About Ellsworth Growth and Income Fund

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

ECF invests primarily in convertible securities, including convertible bonds and convertible preferred stocks, as well as common stocks. Convertible securities may offer income while also providing the potential to participate in the equity appreciation of the underlying companies.

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