Ellsworth Growth and Income Fund (NYSEAMERICAN:ECF) Stock: Insider Saba Capital Management, L.P. Acquires 17,079 Shares

Key Points

• Saba Capital Management acquired 17,079 ECF shares at an average price of $11.47, investing approximately $195,896 and increasing its holdings to 1,788,025 shares valued at about $20.5 million.
• The purchase continues a series of acquisitions by Saba, which bought more than 160,000 additional shares across several transactions since late August.
• Ellsworth Growth and Income Fund 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. acquired 17,079 shares of the stock in a transaction that occurred on Monday, October 19th. The shares were bought at an average price of $11.47 per share, for a total transaction of $195,896.13. Following the transaction, the insider owned 1,788,025 shares of the company's stock, valued at $20,508,646.75. This trade represents a 0.96% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Major 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, October 16th, Saba Capital Management, L.P. bought 16,347 shares of Ellsworth Growth and Income Fund stock. The stock was bought at an average cost of $11.65 per share, with a total value of $190,442.55.
• On Thursday, October 15th, Saba Capital Management, L.P. purchased 9,969 shares of Ellsworth Growth and Income Fund stock. The shares were purchased 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. purchased 56,083 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average price of $11.74 per share, for a total transaction of $658,414.42.
• On Monday, October 12th, Saba Capital Management, L.P. acquired 14,600 shares of Ellsworth Growth and Income Fund stock. The stock was purchased 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 purchased at an average cost of $11.95 per share, with a total value of $333,847.15.
• On Wednesday, October 7th, Saba Capital Management, L.P. acquired 17,548 shares of Ellsworth Growth and Income Fund stock. The shares were purchased at an average price of $11.97 per share, with a total value of $210,049.56.
• On Friday, September 4th, Saba Capital Management, L.P. bought 6,800 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average cost of $12.36 per share, for a total transaction 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, for a total transaction of $61,250.00.
• On Friday, August 28th, Saba Capital Management, L.P. bought 1,200 shares of Ellsworth Growth and Income Fund stock. The stock was purchased at an average cost 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 purchased at an average price of $12.49 per share, with a total value of $48,711.00.

Ellsworth Growth and Income Fund Price Performance

Shares of NYSEAMERICAN ECF traded down $0.01 during midday trading on Tuesday, hitting $11.45. 25,436 shares of the company's stock traded hands, compared to its average volume of 33,059. Ellsworth Growth and Income Fund Ltd. has a 1 year low of $10.70 and a 1 year high of $13.85. The firm 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 announced a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 16th were issued a dividend of $0.22 per share. This is an increase 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

Several institutional investors and hedge funds have recently modified their holdings of ECF. Capstone Investment Advisors LLC purchased a new stake in shares of Ellsworth Growth and Income Fund during the second quarter worth about $1,076,000. Evolve Private Wealth LLC purchased a new position in Ellsworth Growth and Income Fund in the 2nd quarter worth approximately $875,000. Royal Bank of Canada lifted its holdings in Ellsworth Growth and Income Fund by 16.8% in the 1st quarter. Royal Bank of Canada now owns 55,309 shares of the investment management company's stock worth $617,000 after purchasing an additional 7,955 shares in the last quarter. Waverly Advisors LLC lifted its holdings in Ellsworth Growth and Income Fund by 3.2% in the 1st 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 in the last quarter. Finally, K2 Principal Fund L.P. bought a new position in Ellsworth Growth and Income Fund in the 2nd quarter worth approximately $325,000. Hedge funds and other institutional investors own 35.88% of the company's stock.

About Ellsworth Growth and Income Fund

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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