Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Major Shareholder Saba Capital Management, L.P. Purchases 1,200 Shares of Stock

Key Points

• Saba Capital Management purchased 1,200 ECF shares at an average price of $12.47, increasing its position by 0.07% to 1,616,662 shares. The transaction followed several additional purchases in August.
• Ellsworth Growth and Income Fund shares recently fell 0.6% to $12.24, below the 50-day moving average of $12.64 but above the 200-day average of $12.39.
• The fund raised its quarterly dividend to $0.22 per share from $0.19, implying an annualized dividend of $0.88 and a yield of approximately 7.2%.

Ellsworth Growth and Income Fund Ltd. (NYSEAMERICAN:ECF - Get Free Report) major shareholder Saba Capital Management, L.P. acquired 1,200 shares of the firm's stock in a transaction on Friday, August 28th. The shares were acquired at an average price of $12.47 per share, with a total value of $14,964.00. Following the completion of the purchase, the insider owned 1,616,662 shares in the company, valued at approximately $20,159,775.14. This trade represents a 0.07% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Major 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 Thursday, August 27th, Saba Capital Management, L.P. bought 3,900 shares of Ellsworth Growth and Income Fund stock. The shares were bought at an average cost of $12.49 per share, for a total transaction of $48,711.00.
• On Friday, August 21st, Saba Capital Management, L.P. purchased 5,742 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average cost of $12.53 per share, for a total transaction of $71,947.26.
• On Thursday, August 20th, Saba Capital Management, L.P. bought 1,547 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average cost of $12.52 per share, for a total transaction of $19,368.44.

Ellsworth Growth and Income Fund Stock Down 0.6%

Shares of Ellsworth Growth and Income Fund stock traded down $0.07 on Tuesday, reaching $12.24. The company's stock had a trading volume of 13,656 shares, compared to its average volume of 30,818. The stock has a 50-day moving average price of $12.64 and a 200-day moving average price of $12.39. 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 business also recently declared a quarterly dividend, which will be paid on Wednesday, September 23rd. Investors of record on Wednesday, September 16th will be given a dividend of $0.22 per share. This is a boost from Ellsworth Growth and Income Fund's previous quarterly dividend of $0.19. The ex-dividend date is Wednesday, September 16th. This represents a $0.88 annualized dividend and a dividend yield of 7.2%.

Hedge Funds Weigh In On Ellsworth Growth and Income Fund

Several hedge funds and other institutional investors have recently modified their holdings of the business. K2 Principal Fund L.P. lifted its stake in Ellsworth Growth and Income Fund by 3.5% in the 4th quarter. K2 Principal Fund L.P. now owns 24,619 shares of the investment management company's stock worth $286,000 after purchasing an additional 834 shares in the last quarter. Raymond James Financial Inc. grew its position in Ellsworth Growth and Income Fund by 1.3% in the 3rd quarter. Raymond James Financial Inc. now owns 80,538 shares of the investment management company's stock valued at $934,000 after acquiring an additional 996 shares in the last quarter. Uhlmann Price Securities LLC increased its stake in Ellsworth Growth and Income Fund by 1.5% during the first quarter. Uhlmann Price Securities LLC now owns 68,718 shares of the investment management company's stock worth $766,000 after purchasing an additional 1,000 shares during the period. Waverly Advisors LLC increased its stake in Ellsworth Growth and Income Fund by 3.2% during the first quarter. Waverly Advisors LLC now owns 42,499 shares of the investment management company's stock worth $474,000 after purchasing an additional 1,300 shares during the period. Finally, Baird Financial Group Inc. boosted its stake in shares of Ellsworth Growth and Income Fund by 1.0% in the second quarter. Baird Financial Group Inc. now owns 145,155 shares of the investment management company's stock valued at $1,488,000 after purchasing an additional 1,475 shares during the period. 35.88% of the stock is owned by hedge funds and other institutional investors.

About Ellsworth Growth and Income Fund

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.

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